The majority of Britons expect to work past retirement age as worries about the size of pension pots surface.
New research has shown that 73% of people expect to work past the age of 65. This is an increase on the 67% saying the same thing last year and 61% in 2015. The main reason, cited by respondents of the Canada Life Group survey, is that they do not feel that their pension savings will be sufficient to support them in retirement. A low return on savings was also pointed to as being one of the reasons that respondents would have to delay retirement plans.
Retirement Ages Increase
Over a third of those intending to retire post-65 say they could be as old as 70 before they do actually retire, with 10% expecting to be at least 85 if they do retire at all. With the state pension age potentially rising to 70, this is very worrying for current workers. We have more on the worries that pension funds may not be sufficient here.
If you would like to discuss your pension and how best to invest your retirement savings, please do get in touch.