Health shock for pension holders in first five years of retirement
Fri, 13 Aug 2010
Millions of Britain's retirees face unexpected life change and financial strain during the first five 'golden years'.

According to research conducted by LV=, the retirement solutions provider, almost a quarter of retirees (24 per cent) said their health had worsened or they had suffered a serious health issue in the first five years of retirement. In addition, 17 per cent said they had needed to unexpectedly dig deep to support family members financially.

Matt Trott, LV= Head of Annuities said: " Many people associate retirement with taking things easy and relaxing, but major step changes in their lifestyle can take place. It is therefore important to build flexibility into retirement planning to deal with these changes. The majority of people currently fix themselves into an annuity product for life at the point of retirement and while this may work for some, building in a level of financial flexibility during the early years of retirement could help them cope with surprises, whether nasty or nice."
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