Almost one in six retired people have become more worried about their health since giving up work
Intermediaries are seeing growing concerns about ill health in retirement among their clients, according to MetLife.
Research carried out by the provider shows that 57% of retired people have become more worried about their health or that of their partner since retiring. Among those aged 75 and over, that figure rises to 73%.
The survey also reveals that 16% of IFAs have been asked by clients about the financial impact of ill health on retirement planning.
With life expectancy rising, MetLife is urging consumers to consider retirement income solutions that provide flexibility during retirement.
Dominic Grinstead, managing director of MetLife UK, said: “People are clearly concerned about health in retirement and the potential impact on their finances, but it’s not a subject that many of us want to think about.
“Retirement planning needs to adapt to enable savers to be able to cope financially with ill health. There are solutions such as fixed-term annuities which offer increased flexibility ahead of traditional solutions.”
Government statistics show the average 65-year-old man is expected to live to 83 and the average 65-year-old woman is expected to live to 85.6 years. Men can expect to spend an average of eight years in poor general health, while women can expect to spend 11 years in poor health.