The Millionaire Pensioner Boom

A new survey reveals that one in ten pensioners over 65 years old is worth a seven figure sum thanks to the property boom.

Figures just released from the Prudential Insurance show that the number of pensioner millionaires has shot up by almost 70 percent in the past six years.

This elite group of older people it seems were the joyful beneficiaries of excellent pension schemes in their heyday in addition to making sound property decisions.

Planning for their futures wisely, the report based on numbers from the Office of National Statistics tell us that one in ten pensioner households is worth more than £1million.

The 'Millionaire Pensioner Club' as it is affectionately known is thought to be largely the result of property prices rising more than five times in the last 30 years.

With the value of pension assets soaring over the years, it would appear that as the rest of the country has been feeling the pinch, some older people have fared much better.

In the wake of the latest report, Neil Duncan-Jordan of the National Pensioners Convention is keen to point out that there are millions more pensioners still struggling at the lower end of the pension scale.

Speaking to the Mail Online, he says, "It is still incorrect to assume that the vast majority of British pensioners are well-off and well-heeled.  After a lifetime of work, millions of pensioners have very little to show for it".

If you are an older person who needs help planning for the future, call our lawyers now on 0161 720 7200, or email us via enq@rosslegal.co.uk.

Ross Legal

Solicitors for older people

Salford, Manchester