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28% of over 55’s cannot afford to retire


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.”

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