Up to 78% of over 50s are underestimating their life expectancy. I agree to begin with this doesn’t sound like a bad thing however there are ways in which this definitely is a bad thing. Research conducted by Retirement Advantage shows that people aged 50 and over, on average, believe that they are only going to live until they are 82 this is not the case.
Government statistics show that men are likely to live until 88 with women living slightly longer at 90. These averages may not seem much higher than the average guess however, imagining it in terms of years alive makes the prospect slightly more daunting. With lots of over 50s not understanding how long their money has to last them there is the potential for a huge issue.
It is crucial that as you reach the age of 55 and over that you look into new pensions and their freedoms that will help you save enough and access your money in time to be able to sustain your retirement. There is financial advice available everywhere, now is the time to accept this help and seek this advice. Here is a link to a .gov webpage sharing advice on retirement funds. Click me