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Working Into Retirement

New research from Canada Life has revealed that 38% of people expect to work beyond state pension age. When it comes to the over 55s, the percentage is even higher with 52% of this age group planning to work on.

The main reason for extending their working life, given by 36% of employees, is that people don’t expect their pension to be sufficient to cover day-to-day expenses. Thirty percent also expressed a concern that the current cost of living crisis allied to high inflation could erode their expected living standards in retirement. Meeting those standards, according to ongoing research from the Pensions and Lifetime Savings Association, would currently require an individual to have a pension of £12,800 to meet a minimum lifestyle, £23,300 for a moderate lifestyle and £37,300 for a comfortable retirement. The comparable figures for couples are £19,900, £34,000, and £54,500.

For those looking to work on, the average expected retirement age has stretched to 72. This though is not risk free with 33% expressing concerns that their health might deteriorate due to working into older life.

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.