Senior Citizens Can't Retire

21st July 2010

Life insurer Liverpool Victoria reports that almost 30% of people over the age of 60 are having to delay their retirement plans and will have to work longer if they are to survive financially in the future.

Their long-term security is being threatened as they cope with financial strain, in addition to helping their adult children and their families out financially.

The average senior citizen in the UK sets aside £325.00 monthly for their retirement, averaging nearly £4,000.00 a year. Presently, however, that sum has been cut in half in the past year according to Liverpool Victoria.

Older citizens are not the only ones being hit hard. The women researched are reported to have at least 25% of their retirement cut during the past 12 months, thereby reducing their savings by over £4,500.00.

Consequently, at least a third of the people over 50 years of age said there needs to be a drastic economic change in the UK before they could hope to recover financially and retire comfortably, but they do not think that a substantial recovery will occur in time for them to retire at age 65.

Almost half of the seniors said they were merely disappointed that they would not be able to retire early, while 25% were angry about the situation. For the unfortunate senior citizens that have health problems, the situation seems, at best, desperate.

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