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Alzheimers and running out of money are retirees’ greatest concerns

26 September 2019

Alzheimers has become as big a retirement concern as running out of money, new research from Aegon has shown.

The pensions and investment firm’s research found that being diagnosed with Alzheimer’s or dementia is a worry for as many as two in five (41%) people in the UK. This compares to 35% of people globally.

The fear of getting the disease was found to be greater among older generations, with twice as many people in the ‘silent generation’ (born between 1925 and 1945) expressing concern, compared to 30% of millennials. The research also showed women in the UK considered it to be a more prominent issue (45%) than men (36%).

The level of concern around declining physical health now matches that of running out of money, with 40% of people citing this as an issue, Aegon said.

Dementia currently affects 850,000 people in the UK, according to the Alzheimer’s Society, and this number is expected to rise to over 1 million by 2025 and 2 million by 2051. As the risk of dementia increases with age, the number of people with dementia is likely to keep rising as a result of longer life expectancy.

In response to the findings, Steven Cameron, pensions director at Aegon, urged the government to offer greater clarity around social care funding.

He said: “In the UK, the government needs to play its part by confirming how as a country we will fund social care in old age, whether for those affected by Alzheimer’s or beyond. It’s imperative that individuals have a clear understanding of what the government will provide and what they’ll be expected to pay if they need social care in the future. Only then can people plan ahead to address their health and wealth retirement concerns.

“The research clearly shows that health and wealth are uppermost in people’s thoughts when it comes to retirement. The fact that we’re all on average living longer is good news, but that’s only something we can fully celebrate if we have the financial resources, and good health, to enjoy it.”

Professional Paraplanner