Significant shortcomings found in retirees’ income

Posted 2007-10-18

Many Brits are facing their golden years with significantly less income than anticipated prior to their retirement.

A spokesperson for an elderly people’s charity, Age Concern, Helen Spinney suggests that many people are continuing to work past their retirement age in order to support the lifestyle to which they have become accustomed.

Obtaining a secured home loan could be a more favourable alternative for those who have not returned to work out of desire, but rather due to necessity.

“We know that a lot of people reach retirement and are very shocked at how small their income is,” Ms. Spinney stated. “That could be a factor in people returning to work after they have retired.”

However, Ms. Spinney also suggested that some people may be choosing to return to work because they find that working gives them a sense of satisfaction and pleasure.

NatWest conducted recent research and found that 59% of young people believe the experience of older and wiser people in the workplace is important if financial products, such as secured home loans, are to be understood later in life.

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