Baby Doomers: A Bleak Retirement Outlook For The Over 55s
The House Crowd has conducted a survey of the over 55 age group to ascertain their plans for retirement. The results make for decidedly depressing reading.
Those nearing the end of their working years reported a pessimistic outlook for their retirement. 78% of those surveyed said that they are financially unprepared for their retirement, with over a quarter saying that they think it’s too late to change plans and save more.
Just 16% of respondents were confident that their lifestyle will improve once they retire, whilst 37% expected their lives to be worse. The financially secure retirement that we all hope for was considered no longer possible for a full 41%.
State Pension Shocker
Shockingly, it seems that a significant proportion of over 55s will be reliant on their state pension to support them through their later years.
Over half of respondents do not have a personal pension and have no plans to put one in place. Over a quarter have no workplace pension, and – once again – no plans to put one in place.
Once retired, respondents said they’d like £18,235 to live off, but expected just £14,180.
And who’s to blame? 20%, on average, blame the government.
Well, 23% of women do, anyway. Only 18% of men thought the government was at fault for their retirement woes.
Perhaps this has something to do with the fact that fewer women reported being financially prepared for retirement than men. Just 17% of women thought they were on track, compared with 28% of men. Regardless of gender, the results are far lower than anybody would hope.
A Silver Lining
It all looks pretty dismal, but there could be a solution. Frazer had this to say after seeing the survey results:
“These results paint a miserable picture for our Baby Doomers – but it’s not too late for people approaching retirement to improve their situation. By exploring newer investment options, like property crowdfunding, over 55s can benefit from solid rates of return to help make retirement more comfortable.”
The property crowdfunding industry has been around since 2012, and is now worth billions worldwide. Though, as with any investment, there are risks to capital, the potential returns of this method of property investment could mean the difference between a rotten or a relaxing retirement.
Find out more about property crowdfunding as a potential investment choice for your retirement by registering on our site using the purple button below. Alternatively, click the blue button to see our current range of property investment options: