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Millions planning ‘not to retire’ in the UK

Tuesday, September 9, 2014@7:18 AM
Author:admin

Five million people in the UK have said they do not plan to retire, in response to consumer research conducted by Baring Asset Management.
At 14%, or one in seven, of respondents, this represents the highest number since the survey began in 2008.
In addition, just over a third (34%) of respondents said they do not know when they will retire – this is equivalent to around 12 million people. Barings added that, overall, 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. For people over 65 who have yet to retire, this year’s survey found that their expected retirement age is 70.
Rod Aldridge, head of UK wholesale distribution at Barings, said: “It is apparent that retirement planning, especially among the over 65s, has become increasingly unpredictable over the last few years.
“In light of the recent changes to the pensions system, the concern is that this age group may have to compensate for insufficient pension provision and financial planning. What’s more, with the increasing longevity of the British population, such problems may become a growing trend.”
Worryingly, the research also revealed a third of people have no pension. Aldridge added: “We are concerned that so many people who should have plans in place say they do not have a pension.
“This confirms the need to focus on effective retirement planning. We urge everyone to seek a better understanding of the benefits they can get from planning ahead and, especially to think about retirement provision early.”
senior couple of old man and woman sitting on the beach watching