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Retirees worried cash will run out before they die

Posted on 15 June 2017

SunLife’s study of 50,000 over 50s reveals money is the biggest concern for 28% of retirees

More than a third (35%) of retirees are worried their cash will dry up before they die and a quarter say they don’t think they have enough money in their pensions to cover their retirement, according to SunLife’s Big 50 research.

Big 50, which interviewed 50,000 people age 50 and over, found that, when asked to think about their biggest concern for the future, 28% of retired people said money.

SunLife’s study found that those aged 50+ but not yet retired are even more concerned; 38% said money is their primary future concern, 47% said they don’t think they have enough money in their pensions to cover their retirement while half are worried their money will run out before they die.

Ian Atkinson, director of marketing said: “Our research shows that the vast majority of retired people think they retired too early (85%); while there could be many reasons why they feel this way, our research suggests that money is the main issue as a third are now concerned their money won’t last as long as them!”

And this may be a legitimate concern; according to the ONS, life expectancy for a 65 year old woman is 85 and for a 65 year old man is 83, up two years from ten years ago, which means after retirement, people still have 18-20 years to fund1.

This could also explain why one in seven people aged 66+ are still working, why one in five retirees earn money from something other than their pensions, savings or investments and why more than one in 20 (6%) over 50s who have retired from their main job have gone on to start their own business.

Ian concludes: “Our research shows that millions of retirees are currently earning extra cash in a range of different ways; from selling things on ebay and renting out property, to private tutoring, exam invigilating and working for the elections office. Others are using their skills to make crafts and cakes to sell while others are even modelling for art classes!

“What our Big 50 research has shown more than anything is that people aged 50+ do not see themselves as old, quite the opposite. Most feel younger both mentally and physically and for many, turning 50 has had a really positive impact on their lives, giving them the push they needed to try something new. So whether that is starting a new job, starting a new business or being a bit more creative about earning cash, there are plenty of things that retirees can do if they are concerned about their finances.”

Sources

1ONS life expectancy figures

All stats taken from SunLife’s Big 50 research as part of the Welcome to Life After 50 campaign.

About the campaign #lifeafter50

We want to celebrate life after 50 and recognise that for many people, those can be the best years of your life. We want to share what we discovered in our interviews around the UK with people over 50 – that they’re busier than ever taking up new hobbies, starting new businesses, trying new experiences and living life to the full. We want to redress the balance where people over 50 rarely feature on TV (look at a car ad – people over 50 buy 65% of all new cars yet the ads only ever feature millennials).

And as a business, we want to give people over 50 the benefits and savings they value, unlike some over 50s brands that can actually charge their customers more than if that customer went to a non-over 50s specialist. All of that belief and energy is brought together in the campaign’s tag line: Welcome to life after 50.

The campaign launched in early March and the TV ad features a series of people in their 50s and 60s, each singing four lines of verse that states their age and talks a little about their great life – it features a sextagenarian karate black-belt, 50-something astronaut and a whole motorcycle display team of people in their 50s and 60s, all smashing the outdated stereotypes of what life after 50 is.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife?

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). 

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan, Dignity Funerals Ltd arranges and provides the funeral services, registered office: 4 King Edwards Court, Sutton Coldfield, West Midlands, B73 6AP (registered in England and Wales, No. 00041598). Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

Dignity Funerals Ltd arranges and provides the funeral services, registered office: 4 King Edwards Court, Sutton Coldfield, West Midlands, B73 6AP (registered in England and Wales, No. 00041598). Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

The life insurance policy that pays for your funeral will be provided by Phoenix Life Limited, trading as SunLife.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.