Over-50s hit the pension panic button

As people are living longer, the fear of running out of money in retirement grows stronger. Annuities, recently derided, are now seen as a welcome source of guaranteed income for life

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MILLIONS of older people risk sleepwalking into financial difficulty in later life by underestimating how long they are likely to live after they stop working.

The vast majority of over-50s underestimate their average life expectancy, potentially leaving themselves with pension pots that may not stretch far enough, according to a new study by Standard Life.