By ADRIAN LOWCOCK 11/09/2009
Pension advertising is usually littered with images of a happily retired couple enjoying an active lifestyle. In today’s climate, the reality for many is not so rosy.
50 Not Out
Today’s 50-plus are a different breed, no-longer does a one size fits all definition apply, instead they are more varied in living arrangements and lifestyles. Some see their children return to the nest after university, whilst divorce has also changed the make-up of families, with grandparents becoming child minders and greater family interaction creating extended nuclear families. Some have become more active, spending their kids inheritance on adventurous holidays and exploring the world, whilst others, known as the ‘sandwich generation’, look after their parents and children at the same time. Whichever way you look at it the term ‘grey market’, once used by financial services to describe the over 50s, couldn’t be further from reality.
Better to save today for tomorrow
According to research by Business Development Research Consultants, (BDRC) just 8% of all respondents are saving for old age, compared to 27% who save for a holiday. Whilst retirement feels like a long way for most, and what they will want then is not yet clear, it is more important to plan for your retirement now so you have the option to choose how to spend your retirement.
It’s not too late
Those in their 50’s may still have another 15 years of work before retiring, which is still enough time to make plans and prepare. Indeed the research from the BDRC show those families whose children have flown the nest are more optimistic, with 39% believing they will be able to retire when they choose.
Save early
For those people not yet in their 50s, the research highlights that we should not put off retirement planning until later on in life. Doing something today will help prepare for whatever may happen in the future. It is clear that all age groups believe that their lifestyle paths over the age of 50 are unlikely to follow the same route as their parents or grandparents.
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