1 in 7 don't plan to retire

1 in 7 don't plan to retire

One in 7 adults do not plan to retire, according to a poll conducted by ICM on behalf of Barings Asset Management.

Many more people are uncertain about when they will retire, with 34% of survey respondents reporting that they have no set retirement age.

The number of over-65s who do not know when they will retire has increased with 30% saying their retirement date is uncertain. This compares to 18% in 2013, 15% in 2012 and 15% in 2011.

The survey reveals that the average retirement age is 63. People aged 25-34 expect to retire at 61, but for over-65s the expected age of retirement is 70.

The research also finds:

a third of people don't have a pension

the North West had the highest number of people without a pension (41%)

London had the highest number of people with a pension (71%)

the number of men without a pension has fallen from 30% in 2008 to 25% in 2014

the number of women without a pension has risen from 39% in 2013 to 41% this year.

Nigel Holland from Holland & Co Chartered Accountants said:

“The ICM poll shows that many people do not have a retirement plan of any kind. This is worrying because it means that they must continue to work for longer than they originally expected.

There have been recent changes to the pension system and the over 65s may have to compensate because they have not set aside sufficient pension provision during their working lives. Another problem is that people are tending to live longer which means that these people will need additional income for a longer period.”