Debt worries and other challenges to face retirees?

Debt worry is one of a number of challenges concerning future retirees, new research has discovered.

Carried out by Scottish Widows, the study showed funding retirement is seen by many over-50s as the main obstacle to life after work.

More than half (56 per cent) of respondents in this age category described not having enough money to fully enjoy post-work life as the biggest problem when their employment terminates.

Moreover, 30 per cent of individuals who have already finished working cited this as the greatest worry as well.

However, it appears Britons are not only concerned about their financial wellbeing, but also the emotional impact such a change can bring.

Just under a third (30 per cent) of over-50s believe they will miss the sense of structure that comes with daily working practices, while 13 per cent are pessimistic in regards to their health being good enough for them to enjoy their free time.

Around 22 per cent stated they enjoy their job and do not wish to stop performing their duties.

A further eight per cent are fearful an end to employment will see their social life adversely affected and 15 per cent think they will find the switch to retirement is too sudden.

Savings expert at the organisation Alison Morris said: “It is not just the financial shift that people have to prepare for when they retire, but the lifestyle change that comes with it.”

Recent figures released by the Alliance Trust Research Centre showed people aged between 50 and 64 years old face the highest rate of inflation – and have done for the last nine months.

By James Francis