Recent falls in the stock market are likely to affect pensioners the hardest, as any investments linked to the stock market will have fallen and pensioners have the least time to recover from these as they are likely to need income now.
People who are relying on interest from savings to live on, are being warned not to rely solely on the interest income.
Our view
Higher risk, volatile investments are not what pensioners who need income and stability should consider. This puts pressure on savings and indeed leaves many to consider alternative investment strategies such as equity release from property.
We warn that pensioners will need advice and guidance as the possibilities of lifetime mortgage, home reversion plans and downsizing become options.
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