Boost for baby boomers as 1 million more people can access savings

THE last of the baby boomers turn 55 this year – and almost a million can start cashing in their pensions.

Baby boomers are the post-war generation born between 1946 and 1964, and just over 929,000 celebrate their 55th birthday in 2019.

Now analysis of latest population projections reveals the UK areas with the highest proportion of those aged between 55 and 73 – which should reap the benefits from those able to access a lifetime of savings.

The picturesque region of West Somerset tops the list, with a total of 11,513 people from the population of 34,476. Next is North Norfolk, followed by East Lindsey in Lincolnshire, home to Skegness.

Steven Cameron, the pensions director at Aegon, which commissioned the research, said 2019 “marks a significant milestone as it means all baby boomers can access their pensions. With baby boomers already controlling much of the nation’s wealth, this trend towards retirement will have significant implications for society and the economy.”

The local authorities with the lowest proportion of baby boomers are in London, including Tower Hamlets (9.9 per cent), Hackney (11.6) and Newham (12.07).

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