When do you expect to retire?
A new survey has found that one in seven people in work do not plan to retire. Make sure you are not one of them by planning ahead.
Barings has just issued the results of its latest annual survey on retirement intentions. This shows:
• 14% of ‘non-retired people’ do not plan to retire
• 34% of ‘non-retired people’ do not know when they will retire.
• 30% of those in work beyond 65 are uncertain when they will retire
• But the survey found that the others’ expected retirement age is 70
• The average age people say they plan to retire is at 63, but those aged 25-34 expect to retire at age 61
• 25% of men had no pension but for women the percentage edged up to 41%
What this shows us is that the trend for extended working cannot be argued with. This might be down to the economic situation, but is not helped by having insufficient retirement income because of not planning ahead.
The latest National Statistics Labour Market numbers show 1,091,000 in employment at age 65 and over, 10% of the total 65+ population.
These findings confirm that many people in work have no coherent idea about retirement planning.
Whilst this may be forced upon some people because of auto-enrolment into pension schemes, are you sure that you will not be forced to carry on working in retirement?
Planning ahead can avoid this and we can help you calculate what is required.
With kind regards, Paul Hoskin.
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