Six out of 10 retirees in the survey, carried out by Prudential, said saving money to ensure they had enough to live on remain a top priority. Meanwhile, four of 10 people said spending money on enjoying themselves was a key focus for retirement with 36% saying that spending money on travelling the world was a priority for them.
The insurer’s Class of 2012 study looked at the finances and expectations of those planning to retire this year and found that women are more likely than men to prioritise saving during retirement. Regardless of gender, however, the research also highlighted that retirees still value lifestyle as an important reason to save.
Vince Smith-Hughes, retirement income expert at Prudential, said: “Today’s retirees are likely to spend longer in retirement than previous generations so it is encouraging to see that they understand the importance of saving money to ensure they can live comfortably. Saving shouldn’t be regarded as something that suddenly stops once you retire, and the current generation of retirees seems to be more aware of this than ever before.”
Commenting on the findings of the study, Chris Jones, Principal Advisor with overseas property investment specialists Positive Plus, which offers pensioners an alternative investment opportunity to traditional pensions or savings plans, said: “Pensioners and those approaching retirement clearly appreciate the diligence required in managing their savings and private funds to ensure they can afford a comfortable lifestyle as they get older. The sooner people begin investing for the future and planning their retirement the more rewarding their financial income will be and it’s worth seeking professional advice prior to and during retirement to make sure your assets are netting you what you deserve.”
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For more information on Prudential’s study, visit www.pru.co.uk
For more help with overseas property investment visit www.positive-plus.co.uk