1 in 7 doesn’t plan to retire

One in 7 adults doesn’t 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.

Rod Aldridge, head of UK wholesale distribution at Barings, said:

“It is apparent that retirement planning, especially among the over 65s, has become increasingly unpredictable over the last few years.

“In light of the recent changes to the pensions system, the concern is that this age group may have to compensate for insufficient pension provision and financial planning. What’s more, with the increasing longevity of the British population, such problems may become a growing trend.”

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