Retirees are finding themselves without the funds to make it through retirement

When the stock market started to fall, everyone who had interest in it took notice, including retirees. Over the past year, the income level for retirees has fallen, in the United Kingdom, to 17,779 pounds in 2009, which is over 800 pounds less than what they were receiving in 2008. The reason can be blamed on the falling market, including falling interest rates. When interest rates fell, it helped out those with debt, but those whose income depends on the interest rate being high, it hurt.

Many who have looked forward to retirement are now finding themselves back to work after being retired or holding off on retirement to continue working. In a recent survey by Lincoln Financial Group, 41% of potential retirees think that they will have to keep working to pay the bills and 11% don’t think that they have enough money to last them until they are 70.

Many seniors who can’t afford their living expenses anymore are going without things like heat or other forms of energy. In the United Kingdom, there is something called the winter fuel payment, which once covered 35% of the average gas and electric bill. Now, with higher energy costs, it only covers 20%. They are also going without or just trying to limit consumption of other resources like water, which was up 4.1%in price for 2009.

There is a little silver lining for potential retirees in the UK, Age Concern has estimated that 4.6 billion pounds goes unclaimed every year. The Department for Work and Pensions also estimates that 310,000 people don’t claim a housing benefit, which accounts for 660 million pounds a year.

It is sad to see our parents and grandparents having to worry about whether or not the money they have earned throughout their lives will last them for the rest of their lives. If prices were to keep increasing at the current rate, then those who were and are on fixed income will be left in the cold.

One of the best things a retired person or someone looking into retirement can do for themselves is to check and see with a government official or an accountant if there are any services, pensions, or other forms of financial help that can help them make it. If you look at the amount of money that goes unclaimed in the United Kingdom, then perhaps there are similar unclaimed funds in other countries. The trick is to be able to find out where the funds are and how to obtain them.

Concern for the Elderly as the Cost of Living Increases