Recent research from Prudential has found that 19% of people over the age of 55 believe that they would have to sell their homes and move to a cheaper property in order to fund their retirement. A further 17% with spare rooms were thinking of taking in a lodger. Five per cent of those surveyed said that they would have to move to a cheaper area, and 4% were seriously thinking about moving abroad.
Around three quarters of the fully or semi retired respondents to the poll said that they were attached to their homes and didn't want to move. Prudential believe the problems arise from lack of savings, with 25% saying that they did not have enough to live on, and 42% believing that they might not have enough money to do so.
Our view
Many people do not plan correctly for retirement. Quite simply, if you plan to have enough pension to live on when you retire you must start to save substantial amounts in your twenties.
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