When will you retire?
New research4 has shown that one in 10 workers expects never to be able to afford to stop work and believe they will have to keep on well into their retirement years. This survey also reports that 58% of respondents think they’ll need to take on some form of work, in order to supplement their retirement income. Today, many older people are staying on in the workplace, with a record 10.4 million workers aged over 50 still employed.
Retirement should be enjoyed, not endured
Other research has shown that as few as one in three of us expects to have the same standard of living in retirement as we enjoyed during our working lives. This highlights the need for early pension planning, including drawing up a budget that shows you how much income you’ll need for a comfortable retirement. With a full State Pension likely to be worth around £8,000, and qualifying ages on the rise, there’s clearly the need for extra provision to ensure that you have money available to enjoy life.