Apr 15 2008
Thousands of people in the UK have seen their dreams of having a settled retirement thwarted due to unexpectedly high living costs, it has been claimed.
According to a recent study by Saga, only eight per cent of pre-retired Britons plan to move house but almost a third of those who have stopped working have been obliged to relocate at least once.
In addition, finding an affordable place to live is much more of a priority for people who have reached retirement than for those who are approaching the end of their working lives.
The study could serve as a warning for those who are currently saving for retirement and are expecting to carry on living in their currently property, the insurance firm behind the research has suggested.
"It is a worrying trend that aspirations of a settled retirement are being ruined by the need to downsize," said Andrew Goodsell, Saga's chief executive.
A recent report from Friends Provident aimed to make clear that renting in retirement is considerably more expensive than maintaining a property that has been fully acquired.
