The rate of inflation in the UK has seen many British citizens’ plans for retirement upended this year. While some UK workers opted for an early retirement date following lockdown and decided not to return to the workforce, many have had to rethink their plans and continue in employment for longer.
Now, a new study regarding retirement savers and inflation has revealed that many older UK workers are experiencing concerns that their current plans to have adequate provisions in retirement may not suffice.
Many Britons are struggling to make ends meet in the current economic climate, and this extends to those who have retired and are now on a fixed income. Statistics show that many seniors receive most of their retirement income from the Government. While social security payments did get a 5.9 per cent cost-of-living adjustment for 2022, the present rate of inflation has outpaced this boost considerably, leaving seniors at a notable disadvantage.
The recent survey looked at the impact of inflations on the retirement of savers aged 45 and over planning for when they stop working. It found that 66 per cent of retirement savers in the age bracket were concerned about the effect inflation would have on how far their income will stretch.
Concerned UK savers often consult specialists in retirement planning in Chester, Birmingham and other cities. Expert financial advisors like wealth managers can alleviate fears of insufficient income in retirement by helping their clients put effective plans in place.
