Money the biggest worry for retirees

Money is the biggest worry for those looking to retire, according to new research from Engage Mutual.

Indeed, some 60 per cent are anxious about being able to afford to live, while more than half (54 per cent) do not know how they will pay unexpected bills and costs.

According to the study of 1,500 adults aged 50 and over, 60 is seen as the perfect age to retire, with many wanting to do so at that age to spend time with their grandchildren and partners, enjoy their good health, travel abroad and make use of their hard-earned savings.

However, several are concerned they will not be able to afford it, with one in five stating they think that it is best to down tools after 65.

A spokeswoman for Engage Mutual said: "We're seeing a varied and fascinating picture around people's attitudes to work and retirement, against a backdrop of significant changes to the state pension change.

"With the default retirement age now abolished, people can work beyond the age of 65, and some do want to."

She went on to say the state pension changes may take the choice out of older age working for many.

Earlier in 2013 the number of people aged 65 and over in employment reached one million for the first time. As retirement gets harder to accomplish, this figure could continue to rise.

There are many individuals living in the UK who are struggling with debt as they come up to retirement age, meaning they must postpone their plans and carry on working.

Fortunately, it appears many enjoy employment, but there will be some who wish they could leave but are forced to carry on.

Indeed, 87 per cent of those surveyed intend to travel during their retirement years, and 80 per cent hope to have enough money to spend on holidays and other leisure activities. However, this is becoming more difficult as the cost of living rises at a faster pace than people's incomes.

By James Francis