The cost of a comfortable retirement soars

Amid heightened inflation and battling the cost-of-living crisis, people today are becoming increasingly concerned they will run out of money in retirement (45%).  

This is based on predictions that someone age 65-years old will live another 22 years. If we factor in that 1 in 4 born today will live to reach their centenarian, it’s clear we need to start rethinking our approach to later life. 

But we should not let this concern overshadow the fact our longer lives will allow more time to do what we most look forward to, like spending time with friends and family (54%), travelling (45%), and taking up new hobbies (33%).  

To combat this concern, pension and savings experts Aegon UK are calling for a rethink to the traditional ‘education, work, retirement’ approach, which they feel is outdated on the backdrop of rising life expectancy.

Ros spoke to pensions expert Steven Cameron and psychologist and after life coach Dr Denise Taylor.

Photo by Colin Watts on Unsplash