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Planning to Retire?

When do you hope to retire? When you are in your fifties, sixties? Or do you plan to carry on indefinitely? A new survey carried out by Barnett Waddingham has cast some interesting light on our future pension plans.

Overall, one in ten UK workers do not see retirement as one of their options. The figure is higher for self-employed individuals than those working for an organisation, with 22% of self-employed workers planning to work into older age. And for those who are already working past retirement age, 14% of 65-74 year-olds plan to keep on working as do 28% of those over the age of 75. Interestingly even some of those who have recently joined the workforce are also planning to work on regardless with 12% of 18-24 year-olds not seeing retirement in their future plans.

When looking at the reasons for working on; 50% say they can’t afford to retire, 20% believe they won’t live long enough to retire. And 56% of self-employed workers and 38% of employees just enjoy working so much that they don’t want to give up.

If you are looking for advice on pensions or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.