Retirees fear savings will dry up

More than 1 in 3 (35%) retirees fear their retirement savings will run out before they die, according to research from SunLife.

The insurance firm polled 50,000 people over the age of 50 and found a further 28% are concerned about money.

Ian Atkinson, director of marketing at SunLife, said:

"Our research shows the vast majority of retired people (85%) think they retired too early; while there could be many reasons why they feel this way, our research suggests money is the main issue as a third are now concerned their money won't last as long as them."

47% of over-50s still in employment said they don't have enough money stashed away in their pension to cover retirement, while 38% said cash is their primary concern.

SunLife claim these fears have sparked an upturn in the amount of employed over-50s who are seeking to bring in extra revenue to supplement their monthly pay packet.

Atkinson added:

"Our research shows millions of retirees are currently earning extra cash.

"What our research shows is people aged 50+ do not see themselves as old, quite the opposite.

"Turning 50 has given them the push they needed to try something new, so there are plenty of things retirees can do if they are concerned about their finances."

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