Families with TWO retired generations will surge to one million in a decade

There are around 813,000 families with two generations of retired people now. Some 55 per cent of future retirees expect to give financial support to relativesThe number of families including two retired generations could jump by a third to top one million within the next decade, new research reveals.

There are around 813,000 families with two generations of retired people at present, but this will rise by 18 per cent to 963,000 by 2029, and 32 per cent to 1.08million in 10 years' time. St James's Place says retirement income will need to stretch across generations, as providing financial support to family members is becoming a greater priority for people.

How much do you need for a comfortable retirement? An influential industry report which looks at what individuals or couples need for a minimum, moderate or comfortable retirement shows the costs have risen significantly across the board over the past year. 'With people living longer, retirement provision more and more becoming the responsibility of the individual, and the economic landscape evolving, the way we need to think about planning for the future has fundamentally shifted,' says Claire Trott, divisional director for retirement at St. James's Place.

'Putting in place the right plans at an early stage will allow greater opportunity to build wealth over time and leave behind as much as possible when you're gone, without making unnecessary sacrifices along the way.'

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