New research has revealed that more than two-fifths (43%) of employees aged 50-plus are concerned about their deteriorating health as they approach retirement.
The study of 1,320 UK workers aged 50 and above, carried out by Vital Research on behalf of financial wellbeing and retirement specialist Wealth at Work, found that 36% were wary about their declining mobility.
More than a third (35%) are concerned about not having enough money to enjoy themselves, 32% are worried about running out of money in retirement, and 29% are anxious about affording future care costs.
In addition, more than a quarter (26%) are worried about becoming bored, nearly a fifth (19%) admitted they wanted to avoid becoming lonely, and 14% were concerned about becoming depressed.
Jonathan Watts-Lay, director at Wealth at Work, commented that while many people are likely to live for 20 to 30 years past state pension age, healthy life expectancy has remained much lower than life expectancy, at 63.4 years for males and 64.1 for females.
He explained that it is “important” to encourage employees not to bury their head in the sand and to actually think about how these issues could affect them in later life, as everyone’s experience in retirement will be different but the sooner it is planned for, the better.
“Retirement planning is a complex area and many employees will need help to talk through the issues. Many leading workplaces offer their employees wellbeing support which covers areas such as financial, and health and wellbeing issues in the years leading up to retirement,” Watts-Lay said.
He added that implementing financial education workshops, offering digital tools, one-to-one guidance sessions, and access to regulated financial advice can all help to increase knowledge and develop understanding of the key issues employees will face as they approach retirement.