In this day and age of pension freedoms, you can easily get confused by all the numerous options and avenues open to you regarding your retirement.
Planning when to retire and how to pay for it can certainly be a daunting prospect.
A large number of people expect to continue working – if they are fit and able to do so – beyond their normal stage pension age.
And more than one in 20 workers say they don’t think they will ever be able to retire.
That’s according to new research from Opinium, who carried out two separate surveys of 2,000 UK adults, on behalf of Canada Life and Hargreaves Lansdown.
The report revealed that the biggest worry expressed by workers was being able to enjoy their later years. Thirty-four per cent said that was their chief concern.
The Canada Life survey also showed:
- 22% said they would continue to work because they were unsure how long their retirement savings would last
- 43% of workers said their main reason for postponing retirement was that they think their pension income will not be enough to fully retire on
- 44% expected to work beyond the ages of 66 or 67
- 22% said they planned to continue working as they were unsure how long their retirement savings would last
- 10% said they were prepared for retirement but their current lifestyle meant it was too expensive for them to retire
- 21% wanted to continue working because they enjoyed their job
There were also notable results from the separate survey carried out by Opinium on behalf of Hargreaves Lansdown:
- 26% admitted did not know how much they or their employer contributed to their pensions
- 20% of workers said their total pension contribution (employer and employee) was less than £100 per month.
- 18% said their total pension contribution was between £101 and £200 per month.
If you need a guiding hand when it comes to your retirement options, then Lifetime can help you cut through the financial fog and find the best way forward, offering you the freedom, security and confidence to make the right choices.
