UK. 48% of retirees worried about pension adequacy
Almost half (48 per cent) of retirees are worried that they may eventually run out of money in retirement, yet 41 per cent have no plan as to how much they should be spending each year to avoid this issue, research from Abrdn has revealed.
The survey showed that 24 per cent of retirees, around 3 million Brits, were expecting to boost their savings with inheritance, whilst 33 per cent, equal to around 4 million retirees, plan to downsize to cover their costs.
In addition to this, 52 per cent of retirees expect to reduce their living costs to help fund retirement, and 30 per cent are dependent on no longer having to support their family.
A further 18 per cent of retirees also said that they wish they had saved more into their private pension before retiring, and 13 per cent regretted not investing in property or stocks and shares.
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