More than one third of working adults are uncertain on when they will retire, according to research by Platforum.
30% plan to work either full time or part time beyond the state retirement age, which is currently 65.
Uncertainty is higher among women with 39% having a firm estimate of when they will retire, compared to 29% of men.
Further findings show:
- 56% of people are confident they will be able to maintain their standard of living in retirement
- 26% know what their estimated income will be when they retire
- people plan to rely on their workplace pension followed by the state pension as their main source of income in retirement.
Nigel Holland from Holland & Co Chartered Accountants said:
“ With the increased average life expectancy at a record number, no doubt people are uncertain about giving up work altogether even when reaching retirement age. This is largely due to uncertainty over income matters.
It is helpful that the government recently introduced measures aimed to encourage people to plan for future financial stability. However, it may seem too late for those who are at retirement age, or almost retiring, leaving with the only option but to work for longer.
Contact us today to discuss retirement planning.”