Retirees worry they will outlive their pension pots

The problem is most apparent among those aged over 50 who have not yet retired with nearly half (47%) of the 27,896 in this category worried their pension will not last until they die, and half believe they do not have enough capital in total.

The findings came from the SunLife's Big 50 survey of 50,000 people aged over 50, which also found that money was the largest concern for 28% of respondents. For those still working, money was named as the primary concern for 38%.

The insurer's director of marketing Ian Atkinson said the concern lies in now-retired people believing they may have stopped working too early.

"Our research shows that the vast majority of retired people think they retired too early," he said. "While there could be many reasons why they feel this way, our research suggests that money is the main issue as a third are now concerned their money will run out before they die."

SunLife said the research demonstrates why one in seven people aged 66 or older are still working, and why 1 in 20 over-50s have started their own business.

"Millions of retires are currently earning extra cash in a range of different ways," Atkinson continued. "Such as selling things on eBay and renting out property, to private tutoring, exam invigilating and working for the elections officers."

Research by Royal London published last month predicted that savers in defined contribution (DC) funds would run out of money within 25 years on an average drawdown rate of 6.2%.

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• Topics
• Defined Contribution
• SunLife
• At-retirement
• Ian Atkinson
• HR