Half of pensioners who retire this year will have nothing left to leave
By Sean Poulter
Half of workers retiring this year fear their finances will be so stretched there will be nothing left for their families to inherit.
The idea that retirement will allow people to enjoy their savings, indulge their interests and take sunshine holidays is dead for the vast majority of ageing Britons.
Simply making ends meet, covering essential bills and care costs are expected to swallow up most, if not all, of their resources.
Research by the Prudential found 26 per cent of those retiring this year have already ruled out leaving any inheritance.
Another 22 per cent were unsure whether their savings would be sufficient to fund their retirement.
Only 39 per cent were confident they would be comfortable.
Increases in essential bills such as food, energy and petrol are outstripping rises in both State and company pensions, and some studies suggest many people face pushing back retirement to shore up their finances.
The retirement study, called Class of 2011, found 56 per cent of male retirees expect to leave an inheritance compared with 48 per cent of women.
Research also found that this year’s average expected retirement income is a modest £16,600.