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Golden years- 60% of over 60s plan to spend, rather than save for the family

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Six out of ten over 60s plan to ‘spend, spend, spend’ during their retirement- and leave nothing for their family in their will, it has been revealed. A detailed study into the financial stability of 1,000 adults over the age of 60 found many have a ‘live for today’ attitude to their twilight years.

Only one in four of those who took part in the survey revealed they are doing all they can to ensure they leave their children and grandchildren in a strong financial position.

Worryingly though, more than half of those polled said they were so concerned about their financial future that they had sat their children down to discuss potential eventualities.

The report was published by McCarthy and Stone Money to mark the launch of their new mini financial planning guide.

Ali Crossley, Executive Director of McCarthy & Stone, said:

”As experts predict that life expectancy will continue to increase, people cannot afford to bury their heads in the sand about the way they will manage financially in their retirement years.

”They need to discuss these issues with their family and put clear plans in place.

”Our research shows that although many older people worry about how they will cope in later life and do not want to become a burden to their children; a concerning  proportion of them do nothing about it.

”There are many reasons why people of all ages may not make a will, ranging from concern about legal costs to apathy and a fundamental misunderstanding about what will happen if they die intestate without a will.”

The report also revealed that loss of independence and ill-health are bigger retirement worries than any financial aspect.

Other main concerns included not wanting to be a burden on the children and not being able to afford nursing home fees.

A large percentage of those who haven’t discussed their future with their children said they hadn’t done so because they didn’t want to worry their children by revealing their long term fears.

It also emerged that one in four of the over 60s haven’t made a will.

The report also revealed almost four out of ten of those polled were able to retire between the ages of 56 to 60, while just over three out of ten gave up work between the ages of 61 and 65.

The positives were that many (26%) were looking forward to being able to enjoy their hobbies more, while 25% said more freedom was important.

 

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