A quarter (25%) of over-50s workers are hoping to profit from downsizing to a smaller home or moving to a cheaper area. A similar proportion (24%) are relying on receiving an inheritance
to achieve a comfortable standard of living in retirement, which suggests it’s not only younger generations who count on help from family to support their financial needs.
PESSIMISM ABOUT PROSPECTS OF BEING ABLE TO RETIRE IN COMFORT
Worryingly, more than one in ten (13%) or 1.3 million over-50s workers say they are relying on a lottery win to afford a comfortable retirement, despite the odds of winning the National Lottery being just one in 45 million – a sign of their pessimism about their prospects of otherwise being able to retire in comfort. As older workers’ financial futures hang in the balance, many are finding they need to put their earnings towards big purchases or everyday spending instead of pension saving.