A recent survey by Friends Provident as part of their Visions for Britain programme polled 1,200 individuals across the UK gauging our views on retirement. It has shown people in the UK expect to work beyond the age of 66 with 40% of respondents saying they plan to work past the age of 70.
The average worker expects to retire at the age of 67, when asked the age they would like to retire the average response was age 62. The research shows that for many working longer is a positive decision. 24% of respondents fear they will get bored when they stop working with 52% stating that they enjoy the social contact that comes from being in a working environment.
Trevor Matthews, CEO Friends Provident Holdings said:
As individuals we now have more choices, but coupled with this comes increased responsibility and the need to plan adequately for retirement.
It is crucial that we do this planning early enough in life whilst we have more options available to us rather than waiting until we reach our mid 60s when the only stark choices might be to keep working into our 70s or accept a lower than expected standard of living in retirement.
Although many wish to retire in their late 60's is this a reasonable expectation with the UK populations saving habits for retirement. The study revealed regional disparities in the current levels of pensions savings with nearly a third of individuals failing to have a pension. The worst offenders were found in London and Birmingham where nearly 40% of people do not have a pension.
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