Prudential have warned that millions of pensioners retirements are being put at risk by the unexpected costs that come after they stop working. They believe that 3.75 million pensioners are struggling to live the life that they expected.
Of those polled, 75% said that they still have ambitions they would like to fulfil, but 42% say that they are never likely to be able to carry out the plans. Top of the poll were children and grandchildren, with 40% citing them as the biggest unexpected cost, with home improvements in second place with 30%, and 20% citing medical bills. The research found that 17% of over 55's would consider a lifetime mortgage to help them achieve their retirement plans, compared with just 7% in 2003.
Our view
This is a difficult situation. With hindsight, many wish they had saved more but many also have huge wealth in their homes that is locked away.
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