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Alzheimer’s is as big a retirement concern as running out of money

Two million Brits are expected to have dementia by 2051

People in the UK are equally concerned about getting Alzheimer’s or dementia in retirement as they are running out of money, a poll shows.

A survey by Aegon reveals 41% of people in the UK identified mental decline and getting Alzheimer’s or dementia as a concern in retirement compared to around a third of people globally (35%).

There is the same level of concern globally as in the UK about running out of money, with 40% of people identifying this as an issue.

There are 850,000 people with dementia in the UK and the number is expected to rise to over one million by 2025 and two million by 2051.

The risk of dementia increases with age and as people on average live longer the number of people with dementia is likely to keep rising.

Although it is not linked to age alone, the poll revealed greater concern among older generations of getting the disease than younger people, with 58% of people in the silent generation expressing a concern, compared to 30% of millennials.

Women in the UK were more concerned (45%) than men (36%).

Steven Cameron, pensions director at Aegon, said the government needs to confirm how the country will fund social care in old age, whether for those affected by Alzheimer’s or beyond.

“It’s imperative that individuals have a clear understanding of what the government will provide and what they’ll be expected to pay if they need social care in the future. Only then can people plan ahead to address their health and wealth retirement concerns,” he stated.