In a recent UK-wide survey, the average age people say they plan to retire is 63 years old – though for people aged 25-34 years old, the expected age is 61. Almost a third of people still working past the age of 65 have no idea when they will ever be able to retire. In a survey commissioned by Baring Asset Management, it was found that one in seven workers – the equivalent of five million people in mainland Britain – do not plan to retire at all.
Worryingly, the research also revealed a third of people have no pension. The compulsory retirement age of 65 for men and 60 for women in Britain was abolished three years ago which has lead to a surge in the number of older workers. The survey also suggests that significant numbers of older people are working past the traditional retirement age not because they want to, but because they NEED to.
The cost of care is increasing and coupled with inflation, the situation for those over 70, is looking bleak. The average level of pension savings are unlikely to be enough to cover any long term care requirements, in addition to retirement income needs. A study commissioned by insurance and pensions company Aegon UK found that 29 per cent of workers in Britain intend to remain in employment at least part-time during the early years of their retirement, in order to supplement their incomes.
People are living longer and therefore the length of retirement is increasing – it can stretch to 20, 25 even 30+ years – it becomes even more important to start planning, and saving, early. The journey of life doesn’t end at retirement; it should start afresh with limitless possibilities.
Talk to Dino Zavagno at Gladstone Morgan or a member of his team to discuss your retirement planning and make sure your “retirement fund” will last as long as you need it to!
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