Over 60’s feel 20 years younger!
More than one in four people aged 60 and over feels at least 20 years younger than their real age according to the Retirement Nation 2010 survey from retirement income specialist MGM Advantage.
As well as feeling younger, these over 60s also consider themselves to be healthier than the average 18 to 24 year old. Almost eight out of ten (79%) of the over 60s who took part in the survey describe themselves as ‘very' or ‘fairly' healthy but believe that only 60% of young people could make the same claim.
The findings are likely to come as a surprise to the nine out of ten (92%) 18 to 24 year olds who actually described themselves as either fairly or very healthy. Unsurprisingly, this age group expect far fewer people aged 60 or over to describe themselves as healthy (54%), compared to 79%.
MGM Advantage says that the survey demonstrates the lack of understanding between generations, with older people feeling far healthier and younger than they're given credit for by today's youngsters.
The retirement income specialist says that people over 60 can expect to spend at least 20 years in retirement and they want to enjoy their good health and youthfulness as long as possible. This means that it is crucial to make the most of their pension savings at retirement.
Craig Fazzini-Jones, Director at MGM Advantage said, "Many of those nearing retirement are enjoying lifestyles typically associated with people at least ten years younger and they'll want to continue doing so into retirement. However, they'll need the financial means to achieve this and one of the most important things they can do is to make sure they secure the best possible annuity for their pension savings. This means shopping around to find the best rate.
"It's great that such a high number of people over 60 are feeling younger and healthier and enjoying such active lifestyles. However, there are two key things they must consider at retirement:
"Firstly, it's always worth getting a health check when approaching retirement. Often people feel healthy but may suffer from minor ailments such as high cholesterol or high blood pressure, which could mean they qualify for an enhanced annuity, which could really boost their retirement income.
"Secondly, the likelihood is that people will live a long time in retirement and they must consider all of their options when deciding on the type of retirement income they buy. For example, they could choose a flexible annuity, which allows them to choose their level of income according to their lifestyle needs, and gives them the opportunity to grow their income over time. These types of annuities still offer them a level of guaranteed income for the rest of their lives."
On a regional basis, the North of England features the most people who feel young at heart, with 49% of people saying they feel younger than 50 and a third feeling over 20 years younger than their real age. People in Wales and the South West are mostly likely to feel their actual age than any other region (17%).