| Retirement concerns abound as housing prices hit a new high |
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New research conducted by the Norwich Union Equity Release has revealed that retirement has become more stressful due to acute cash shortages being faced by the retired persons.
Mark Kelly, of Norwich Union Equity Release says, "Retirement is a time when people hope to be able to enjoy a leisurely lifestyle but our research shows many people are never able to enjoy such luxuries, and spend old age worrying about their finances. With house prices in the UK at record levels, older people who are living longer and wanting to enjoy a more fulfilling retirement may be looking to the equity locked up in their properties as a way to improve their lifestyle in retirement."
His comments came after the survey found that only a third of pensioners are able to live a luxurious life after retirement. 47 percent of the respondents felt that they had just enough money to get by while 17 percent of the respondents said that they have to either look for alternate sources of income, or depend on the goodwill of family and friends to survive.
The survey also asked participants to earmark areas for the next government to work on, 33 percent of adults wanted minimum pensions to rise and 29 percent wanted council tax to be scrapped or reduced.
This survey reflects the growing concern in the UK that retirement is no longer a luxury many can afford. With the housing prices hitting record levels, life is bound to become tougher for senior citizens.
Posted
on : Sat, 07 May 2005 17:30 GMT | Pensions News
By : Chris Rowe
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