NEARLY half of people in the south west feel financially unprepared for their retirement, according to Age UK.

Di Lawrence, chief officer at Age UK Dorchester, said: “While many of us may have broken our New Year resolutions it is still important for older people to ensure they get more from the pound in their pocket. It’s never too late for people to take stock and put their finances first.

“Many people in later life are on a fixed income which means that maximising their income is essential. Our straw poll found that 47 per cent of people in the South West aged 65 and over feel financially unprepared for their retirement. Many say this is because they have not saved enough towards this stage of their life or that rising living costs are eroding their disposable income.

“In 2014 we are encouraging older people to review their financial products and purchases. Once in retirement people need to be savvier with their income, to shop around to find not only value for money but also a product that’s right to fit their needs.”

Age UK Dorchester can be contacted on 01305 269444 or visit the offices at Rowan Cottage, 4 Prince of Wales Road, Dorchester.