AFFORDING their retirement is the biggest concern for retirees, according to research by Homewise, lifetime lease provider to the over-60s.

Respondents cited a number of concerns around their retirement, with affordability emerging as the main concern for 39 per cent.

Specifically, they were worried about being able to maintain or improve their standard of living.

This is no surprise when, according to the Department for Work and Pensions, the average annual disposable income of a single pensioner was just £9,256 in 2005/2006.

Findings suggest that the typical retiree is looking to downsize to a two-bedroom bungalow outside London, with Kent among the most popular retirement havens.

While prices for this type of property start at £155,500, Homewise says customers can achieve on average 40 per cent discount on this through Find & Afford.

The lifetime lease offered through Find & Afford would mean that a one-off payment of £93,300 would entitle the customer to live there for the rest of their life, without paying rent or a mortgage.

Mark Neal, managing director, Homewise. said Homewise had developed Find & Afford to address such concerns as affordability "in order to help our customers enjoy their well-earned retirement".