Over 55s take measures to prepare for retirement

The over 55s are approaching retirement nervously, according to research from savings provider Birmingham Midshires. One in two Britons (49%) are concerned that they will not be able to maintain a comfortable lifestyle with the retirement fund they have saved to date.

Birmingham Midshires asked a GB representative sample of more than 700 adults aged 55 and over on their retirement planning and the ways they may consider supplementing their fund. The results show that far from winding down to an imminent retirement, finding new ways to save remain a key issue for the over 55 age group.

The over 55s are taking positive steps to plan for retirement and to supplement pension pots. One in five (22%) will move to a smaller house or intend to release equity from their home (13%). Almost one in four (24%) respondents admitted they plan to work beyond the age of 65 and 21 per cent expect to take on a part-time job in order to supplement their retirement income.

Almost a third (32%) of over 55s living in London would consider working beyond the age of 65 compared with just 12 per cent of people from Yorkshire and Scotland (12%)

Those living in the West (29%) and London (28%) are most likely to move to a smaller house to supplement their retirement fund

Those living in the South (47%) and East Anglia (40%) are most likely to miss out on life's little luxuries in order to supplement their retirement

Almost one in two (44%) of those living in the West are prepared to cut budgets in order to live more comfortably throughout their retirement

Tim Hague, Director of Savings and Investments at Birmingham Midshires commented: "The Saving Britain research reveals that Brits are preoccupied with their planning their financial future to an increasingly later stage in life. When people should be winding down to their retirement and enjoying their financial nest egg, the over 55s are more concerned than ever about whether they can afford to live on what they have saved.

"Changing economic circumstances may present an opportunity for those who are now in their 30s to review their finances and learn lessons about saving realistic nest eggs for when they reach retirement age."