REVEALED: Inflation and state pension top of fears for people fast approaching retirement

REVEALED: Inflation and state pension top of fears for people fast approaching retirement

GETTYInflation and state pension changes are a worry for over 50sAround a third of people fear they could run out of money after they finish work, showed research by pension provider Aegon. The biggest concern is further changes to the state pension, after a new flat rate system was introduced earlier this year. One in three over 50s are worried the rising cost of living could dent income prospects. GETTYThe state pension age is being reviewedIt comes as inflation last month jumped to one per cent – it’s highest level in almost two years. Meeting care costs are also a big worry, particularly for over 75s, according to the research. The Government has pledged the so-called triple lock on state pensions will remain in place until the end of parliament, meaning the benefit will rise in line each year by the higher of 2.5 per cent, inflation or earnings. However, a review of the state pension age is being carried out, meaning more change is likely – although the Government has promised there will be at least 10 years notice of changes. Kate Smith, head of pensions at Aegon said: “It is clear that people’s concerns about their income change as they get older. “So many rely on the state pension to underpin their income so it is unsurprising to see that such a large proportion fear any change to the amount they receive. “This is particularly true for women, many of whom have been unfairly disadvantaged by relatively…

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