Home is where the retirement heart is

Preserving the quality of life in retirement and crucially keeping their home are the major priorities for people who are already retired or are heading for retirement, new research from Lincoln Financial Group shows.

Its study shows that maintaining the quality of life throughout retirement was chosen as the key financial need by those aged 45 to 74 and keeping their home when retired was the third most important financial need as they face up to the realities of retirement.

Having an enjoyable retirement was identified as the second most important financial need demonstrating that people who are thinking seriously about retirement, or are already retired focus most on quality of life.

But when asked to assess how well their current financial planning has adapted to meeting those needs, concerns about maintaining quality of life and having an enjoyable retirement remained the biggest concerns.

The age breakdown provides further fascinating insights into the attitudes of those in retirement or thinking seriously about retirement – 14 per cent of those aged 65 are concerned about keeping their home while 16 per cent of those aged under 70 want to be able to work in retirement. Other key findings showed 13 per cent of women aged over 60 identify health and nursing care as major needs while 13 per cent of those aged 55 – 75 are concerned about protecting or maximising savings.

Lincoln Financial Group Head of Product and Marketing Simon O’ Connor said: “A good quality of life is the major financial need for people who are heading for retirement or are already retired. And keeping their current home – and ultimately dying in it – is also identified as key financial needs.

“However identifying the need and being able to satisfy the need are two different things. It appears many of us are heading for retirement with major concerns about being able to enjoy what should be a very satisfying part of our lives.

“Financial advisers and providers are adapting to meet those needs with the development of new products which are suited to the new retirement reality.”

Lincoln Financial Group is urging retirement savers to take advantage of pension products which offer the combination of being able to remain invested in the stock market whilst providing guarantee options. Its own Lincoln i2Live provides an income guarantee option and allows you to take a flexible income for life between a minimum and maximum limit.