Two Thirds of People Are Concerned About Working Longer
Research recently published by Aviva found that 20 million workers in the UK, are concerned about the prospect of having to work longer later in life, due to not having sufficient pensions funds or savings to be in a position to retire. This is coupled by the continuous rise of the State Pension age, currently 65, due to rise to 66 in 2020, to 67 between 2026-2028 and then finally to age 68 between 2044 and 2046.
Over 60% of workers asked within the Aviva research were worried about the prospect of an extended working life to support themselves through retirement, as the research showed the population of employees working beyond the age of 50 is growing. Confirmed by a recent statement released from the Department for Work and Pensions (DWP) reporting a record number (10.6million) of workers over the age of 50, a rise of 32% (2.6m) over the past decade.
As mentioned earlier, the continuous rise in the State Pension age is having a significant impact on people having to work longer, as the State Pension benefit is the largest single source of income in retirement (43%) for the average pensioner.
How can we help?
It is never too late or too early to start contributing towards retirement or later life planning, of course the earlier you start the more you will have in retirement. However, if you do start saving later you can still achieve your goals.
Please do contact the office to arrange a meeting or telephone appointment with one of our highly qualified advisers who will be more than happy to discuss your retirement options, retirement goals or address any queries you may have. The initial meeting is offered entirely at our cost.