Falling Incomes Make Good Financial Advice Essential for Over 55s

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 20, 2012 -- Average incomes for the over-55s have fallen by 4% over the past year while savings levels have dropped by more than a quarter, according to research reported in The Guardian this week. And one in ten over 55s now lives on less than £500 per month, illustrating that many people who belong to the ‘baby boomer’ generation so often accused of causing the financial crash are certainly not benefitting from those good times.

For those nearing retirement and soon to be seeking a pension annuity, or those already retired and relying on savings, the current low interest rate is making getting a good deal and living well in retirement very difficult. The Bank of England has been keeping interest rates low to encourage lending to businesses, and to help individual borrowers and those with mortgages to stay afloat and keep on top of their bills. But for the over 55s, especially those who have been saving hard throughout their working lives in order to be comfortable in retirement, the current interest rate policy offers very little reward.

It will be no surprise to many over 55s, therefore, to learn that their average incomes have fallen so sharply. And with so much doom and gloom news about pensions and savings, many people are now saving less for their retirement due to a lack of confidence in the system. But experts warn that this will only serve to exacerbate the problem in the future.

So what is the solution? Many people are now choosing to take on part time work in order to pay their bills in retirement. The Guardian reports that the number of 65-74 year olds who earn an income from wages, as well as a pension, rose from 18% to 22% over the year. But for many pensioners, working simply isn’t possible due to ill health. And having worked for many years to enjoy leisure in retirement, many pensioners do not want to continue working into their 60s and 70s.

If you are nearing retirement and looking for the right annuity, or are juggling bills on a pension, the single best thing you can do is ensure you get good quality financial advice from an impartial expert.

The Retirement Centre is an independent company, designed to help the over 50s, or individuals already in retirement, to make the most out of their life after work. For unbiased money advice to help you make the best choices and enjoy a financially secure retirement, visit The Retirement Centre website at: http://theretirementcentre.com/about-us

For more information, call Dominic Fraser-Smith on 0113 320 5595 or email enquiry@theretirementcentre.com

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