Almost one-third of 55-64 year olds are concerned about the cost of nursing home care, despite the ...
Almost one-third of 55-64 year olds are concerned about the cost of nursing home care, despite the Treasury pledging to give an extra £100 a year to pensioners from 2003.
Research published by financial consultants RJ Temple also found that single women are at greater risk than their male counterparts of providing for their own financial security in later years.
Liz Walkington, communications manager at RJ Temple, does not think £100 will provide enough support.
She said: 'We welcome the Chancellor's intention to give security for all pensioners, but in practice an extra £100 a year in 2003 will be worth next to nothing once inflation is taken into account. Single women are especially vulnerable, as women still tend to have lower incomes than men and less pension provision. The research initiative confirms our conviction that there is a real need for professional independent advice.'
Albeit concerns over financial security, the research found the majority of respondents did feel positive about retiring, viewing it as an opportunity to pursue personal interests.
'There is a very positive feel about retirement in the population, but also an uncertainty about how it will affect us financially. There seems to be little awareness of the need to plan for retirement, to ensure people have sufficient income to live their dreams as well as having the right type of long term healthcare in place,' Walkington said.
