Losing a loved one is greatest fear in retirement
A third of retired Britons declared that losing a partner, loved one or close friend is their greatest fear in retirement, according to recent research.
In publishing the research, Standard Life is encouraging the public to consider their estate planning requirements, including the creation of a will, so they can ensure their loved ones are financially secure after their death.
People should seek professional advice as the legislation associated with passing on wealth is very complicated and the rules between married and civil partnered couples do not apply to cohabiting couples or close friends. The simplest way for individuals to ensure their estate is paid to the right people is to create a legally binding will - previous research from Standard Life showed that as little as 48% of the people in the UK have a will in place.
Julie Curtis, technical manager, at Standard Life, said:
"Regardless of an individual's age losing a loved one can have a serious financial impact, but this problem is accentuated in retirement. And while married and civil partner couples benefit from the spousal inheritance tax exemption and the transferable nil rate band, cohabiting couples or close friends don't.”
The research also shows that nearly half (47%) of the UK want to leave an inheritance to their children, with a tenth (11%) directing it to their grandchildren.