28% of over 55’s cannot afford to retire
01/11/2014
28% of over 55’s do not believe they will ever be able to afford to retire, research from Key Retirement, the independent retirement specialists, shows.
The nationwide study showed that more than one in four over 55’s who are currently working fear running out of money in retirement, and believe they will never fully be able to give up work. 19% of people are planning to work part time after their retirement and one on ten will attempt to stay in full time employment for as long as they can.
75% of over 55’s who are still in work are concerned about the risk of running out of money with 22% very concerned.
Key Retirement believes these financial worries highlight the desperate need for expert advice and guidance on retirement options ahead of the launch of pension flexibility in April 2015.
Dean Mirfin, group director at Key Retirement, said:
“It is striking to find so many over 55’s do not believe they will ever be able to afford to retire and paints a worrying picture of the current state of retirement.
“Of course, many of those planning to work until they drop may be entirely happy about it - Government figures show a steady rise in over 65’s who are working.
“But the other side of the coin is that millions are worried about having enough money to survive in retirement and that is a major factor in staying in work. Even those who plan to retire are not entirely certain when they can afford to.”
Need Financial Advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Is Gordon Brown attempting a smash and grab on middle England pensions?
Those in the pensions industry have been briefing the UK financial press regarding a proposed change in UK pension regulations which could have a massive impact on middle England. It is rumoured that Gordon Brown is set to increase the tax take from private pensions, with the middle classes said to be in the firing line. It is forecast the government should be able to raise up to £5 billion a yea...
Read MoreIs it time to overhaul the whole UK pension system?
As finally the UK government comes round to the fact that public-sector final salary pension schemes are no longer affordable it seems as though we are reaching a significant crossroads for the UK pension sector as a whole. The last couple of years have seen a total collapse in the number of private sector final salary pension schemes with more and more companies admitting to large liabilities, wi...
Read MoreMax Clifford believes Sir Fred Goodwin's life is at risk
PR guru Max Clifford believes that Sir Fred Goodwin's life could be in danger from extremist groups in the UK. As we have covered extensively on the website, Sir Fred's refusal to give up any of his alleged £17 million pension fund has caught the eye of the financial press, the UK government and UK taxpayers. The last few days has seen the home and car of Sir Fred Goodwin vandalised and various t...
Read MoreThe ticking time-bomb that is public sector pensions
The Taxpayers Alliance (TPA) has today issued a damning report on public sector pension schemes in the UK with local government pension funding estimated to have a shortfall of around £53 billion. The figure for the 2008/09 tax year sees more than 15 councils with a deficit of over £500 million each which will be funded by UK taxpayers in due course. The figure of £53 billion is an increase...
Read MoreGovernment to reduce pension fund relief
The UK government has today announced plans to reduce pension fund tax relief which will have a major impact upon those looking to save for their future. Currently relief is available, at the rate at which individuals pay income tax, on pension fund contributions of up to £255,000 a year. However, the UK government is looking to reduce this level to between £30,000 and £50,000 something which w...
Read More