Home > All articles U.K. Baby Boomers Fear Pension 'Time Bomb' Baby Boomers, who number approximately 17 million, face a unique set of financial challenges. Longer life expectancies, greater financial demands for childrens' education, and the spiraling costs of healthcare and property means that the post-war babies face a financial pinch as they approach retirement. Planning for retirement, including both the accumulation of assets and the distribution of income, has become more important than ever in helping ensure that Boomers will be able to maintain their standard of living in their golden years. However, a recent YouGov survey of Baby Boomers sponsored by Hartford Life Limited, a subsidiary of The Hartford Financial Services Group, Inc. (NYSE: HIG), has revealed the gap between the idyllic vision of retirement and the stark reality of how it might look in the UK, couldn't be wider: * 74 percent of respondents have significant concerns that their pension will not allow them to maintain their current standard of living in retirement * 93 percent of respondents believe that they will have to work beyond retirement age, sell their assets or accept a lower standard of living in their later years, as a consequence of inadequate pension cover * Nearly 7 in 10 (68%) of respondents were reluctant to invest their non-pension assets in the equity markets, with the most prominent reason being the fear of losing money * 42 percent of respondents were unaware that savings products designed specifically for people already in retirement were available outside of their pension * 43 percent of respondents indicated a preference to seek financial advice on their savings in retirement from an IFA "This survey shows that there is a real and growing demand for innovative investment products that are designed for a society in which people live longer and fuller lives in their later years" said John Enos, Managing Director, Marketing and Distribution at The Hartford "The Hartford Gold Investment Bond, with its SafetyNet for Life guarantee, can meet the demands of this generation of pensioners who need to grow their savings outside their pension and have a guaranteed income to help maintain their lifestyle." Hartford SafetyNet for Life is an investment protection feature available with Hartford Gold. It can potentially lock-in growth each year up to a maximum of 10 per cent per annum (up to age 75), leading to an increase in available income. Hartford SafetyNet for Life also provides guaranteed death benefits. Regardless of how markets perform, investors are guaranteed on death to receive either the full amount of the original investment, plus any locked-in investment gains, less any withdrawals taken; or the bond value if higher. This helps provide a level of security to those planning their estates. For further information on the Hartford Safety Net for Life and the Company's other available products, please visit www.hartford.co.uk .       By KS Date 05-09-2008 Print this article | Send to a friend | React to this article