Last Generation to Benefit from Final Salaries
Many of over 65s today consider themselves lucky to have retired when they did, considering the current UK pension’s fiasco.
It has recently been reported that the UK’s largest final salary funds are facing a shortfall of as much as £100bn as a result of the economic meltdown last year, this is a deficit of 143% more than the original forecast of £41 billion pounds pensions deficit. This is terrifying news for Britain’s aging population. The report also highlighted that out of the FTSE 100 only three companies; Cadbury, Tesco and Diageo still allow new members to their final salary schemes, plus many firms are barring existing members from accumulating further benefits.
This generation of silver spenders may well be last the last to take experience the benefit of a company pension scheme and the luxury of choosing early retirement. With this in mind and the current low interest rates available to savers, it’s no surprise to find that the older generation veers between stashing their money under the proverbial mattress or using it to enjoy them self and see the world.
However, there is a world of difference between a willingness to spend money and squandering cash needlessly, which is why Staysure.co.uk has seen an enormous rise of travel insurance over 65 policy sales over the last few months, regardless of the recent public health scares and economic downturn. A recent survey of their clients found that they chose Staysure primarily because of the low prices but also because of the wide age range covered. Another major factor was the cover for pre-existing medical conditions plus the option of medical screening for more serious illnesses.
Although today’s pensioners have never been healthier with ever increasing longevity comes the inevitable aches and pains which are to many people nothing more than an inconvenience and would in no way put a stop to travel, so its vital to know that these conditions can be covered.
