Article preview: If you reach retirement age with insufficient savings, you face several choices. You might continue working. Delaying retirement by working longer gives you the option to save more, and means your savings don’t need to stretch quite as far when you eventually retire. Alternatively, you could reassess your lifestyle and spend less in later life. Cutting back on expenditure in retirement isn’t always the answer, as some expenses are unavoidable. For homeowners, one option on the table is to release equity from the value of your property, which can be used to fund your retirement income. New research by insurer SunLife has found that most people in their 50s have insufficient pension savings to afford a comfortable lifestyle in retirement.
What happens if you retire without enough?
This 521-word blog post looks at new research which suggests many people in their 50s are unprepared for retirement, with calculations showing how much they would need to save to make up the anticipated shortfall. Written on 13th November 2019.
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