Fifth of Britons fear they’ll be working into their 70s, poll finds

Half of adults ‘cannot imagine’ ever ceasing work entirely, according to survey

Rob Knight
Thursday 16 June 2022 10:37
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<p>Huge numbers of young workers fear for the future</p>

Huge numbers of young workers fear for the future

One in seven adults are planning to retire in their 50s, but one-fifth expect to be working well into their 70s, according to a survey.

Researchers who polled 2,000 working adults found 34 per cent thought early retirement was achievable.

And 62 per cent that felt this way were putting money aside each month in pursuit of this goal.

Meanwhile, one-third were making overpayments on their mortgage in bid to be free of any financial obligations.

Another 21 per cent intended to downsize so they could quit their jobs sooner rather than later and reap the rewards of retirement.

But the research by financial advisers Timeline found half of respondents could not imagine ever being able to fully stop working.

Just 27 per cent of respondents had sought counsel from financial experts about their retirement plans.

A spokesperson for Timeline said: "Retirement may seem unobtainable for some but it shouldn't be – indeed, once you start to look into it, it’s more realistic than you might think.

“It’s never too early to create or too late to improve your retirement plan.”

“The subject matter – pensions, retirement plans, national insurance – can seem quite overwhelming so that in itself could be a barrier to someone believing early retirement is possible.

“But millions of people in the UK do retire early – and live very comfortably too, so it certainly doesn’t need to be a pipedream.

“For many, receiving the right financial advice from a qualified financial adviser makes a huge difference in understanding their own situation.”

The study also found those polled thought they would need more than £380,000 to retire early – this includes state pension, any other pensions they may have, and personal savings.

Unsurprisingly, 39 per cent of adults said they thought early retirement was becoming less common.

Another factor behind this perception might be people not planning ahead – 52 per cent admitted they had not yet thought about putting money aside for when they retire.

Further, 17 per cent did not know if they currently contributed more than the standard pension contribution amount each month – while 43 per cent were certain they did not. Six in 10 also were not sure what the minimum workplace pension contribution is.

It is estimated there's £2bn in lost pensions in the UK, from pension contributions received or made in past jobs which have not been transferred over when starting a new job.

Three-quarters of those polled had never checked to see if they have any missing pensions – with 53 per cent admitting they would not know how to. Six in 10 had also never checked their state pension contributions and 46 per cent said they had no idea how to get this information.

OnePoll found 55 per cent of people feared it was too late for them to do anything to make early retirement a possibility or simply make it financially comfortable. More than half (52 per cent) of those aged 18 to 34 had these worries.

Timeline's spokesperson added: “This research suggests nervousness among many adults about retirement planning and getting to grips with related financial considerations like pensions.

“But you can take action right now to start getting things in order. There is a wealth of information and expertise out there."

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