Inflation concern for retirees

12 December 2007 / by None
Inflation has been ranked as the top concern for older workers when considering their retirement savings, while younger workers reportedly list other potential difficulties as being more worrisome.

Recently published research from Alliance Trust Savings reveals that 28 per cent of workers aged 60-69 are most worried about inflation movements threatening their comfortable retirement, with this figure dropping to 16 per cent for those aged 50-59.

Hyman Wolanski, head of pensions at the firm, said: "It is only natural for people nearing retirement to worry more about the impact of inflation than younger generations.

"As your retirement gets closer then inflation understandably becomes a real concern."

He added that it is key for savers to pay attention to the range of pension products available to them, some of which will help protect their retirement fund from the effects of inflation.

In October 2007, Abbey reported that 61 per cent of workers do not believe they will have saved enough to fulfil all their retirement ambitions when they start picking up their pension.

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