Debt help for pensioners hit with increased living costs
Debt help for pensioners hit with increased living costs
Friday 5th March 2010
MGM Advantage estimates that the average retired household, with the main occupant aged between 65-74 years, now needs to find an extra £774.70 a year just to maintain the standard of living they enjoyed 12 months ago.
The organisation also states that more people are now willing to accept an element of investment risk, with some level of tailored protection, in a bid to combat rising inflation.
Aston Goodey, sales and marketing director for MGM Advantage, said: "January saw the biggest year-on-year Consumer Price Index increase since records began, which is having a dramatic impact on the income available to those in retirement.
"Until recently, conventional fixed-level annuities have been popular as the 'safe' option at retirement because they offer a guaranteed fixed income for life."
Yet the risk of not "inflation-proofing" their income is making people explore other options, said Mr Goodey, adding that more needs to be done across the industry to improve the choices available for those entering retirement.
A new study by Standard Life reveals that while women are expected to live on average nine years more than men in retirement, only 38 per cent plan for their long-term finances. This is compared to 50 per cent of men.
Women are also less than half as likely to have a personal pension, and twice as likely to admit they have a limited idea of what a personal pension is, according to the report.
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