Wealth bigger concern than health for those nearing retirement

By Christine Dawson

Dec 03, 2018

Those nearing retirement are more concerned about a hole in their finances than failing health, according to research by Hargreaves Lansdown.

The direct to consumer platform asked people to pick their top three retirement fears and found 48 per cent said not having enough money was most concerning.

Second on the list was becoming ill, which 43 per cent were most worried about, followed by losing mental capacity, which was ranked first by 38 per cent of respondents.

In terms of what people were most looking forward to, 46 per cent said travel, 41 per cent said free time and 31 per cent said they most looked forward to spending more time with their partner. However, from its 1,516-strong study, HL estimates around 20,000 people, or 3 per cent of those retiring each year are dreading spending more time with their partners.

HL senior analyst, Nathan Long, says: ‘Running out of money is the number one fear when we think about retirement followed closely by a decline in both our physical and mental health. Very few people get to retirement bemoaning having saved too much, so make squirreling away a little more every month your first step.

“We generally envisage spending plenty of time with our other halves when we’ve stopped work, with travel topping the retirement wish list. Discussing your retirement plans in advance will help ensure you are on the same page as your loved one and help you avoid joining the minority of people who are dreading spending time with their other half.’

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