News > Retire at 65?
Posted on May 25th 2011 - 09:24
The latest retirement survey found 27 per cent of over 50s do not know what age they will be when they finally stop working, up from 10 per cent last year and the highest level since records began in 2008.
It also suggested 17 per cent of over 50s do not want to work past the age of 65, but may be forced into earning an income due to a lack of a sufficient pension pot.
The financial pressures they face are too great for them to retire, particularly for a third of this group who are still giving their children handouts.
The annual State of Retirement Report from insurer LV= found a drop in long term savings during the past 12 months of £342 a month or £4,104 a year.
It suggests retirees are placing a higher importance on dealing with more immediate financial strains rather than considering the longer term.
Ray Chinn, head of pensions at LV=, said: “The Coalition Government has proposed and made a significant amount of changes to our pensions’ system which is yet to register with many people in or nearing retirement.
“It is clear that many of the changes, such as the removal of compulsory annuitization and a flat rate state pension, are gathering support from the over-50s. Despite these changes, there is still no indication that any will act as an incentive to get people saving, and saving more, for their retirement years.
“In fact, our report has found quite the opposite, as a significant number are still cutting back on what they save each month and by a greater sum as time goes by.”
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