…By Judah Olanisebee for TDPel Media.
Retirement Concerns: Survey Reveals Worries about Working Past State Pension Age
Perceptions of Delayed Retirement
A recent survey conducted by People’s Partnership, a workplace pension provider, reveals that 46% of non-retired individuals believe they will continue working beyond their state pension age.
Additionally, 7% of respondents express doubts about ever being able to retire.
The survey, which included nearly 1,600 non-retired individuals across the UK, also highlights concerns among younger generations, with 13% of 18 to 24-year-olds anticipating they will still be working when they are 70 years or older.
Confidence in Retirement Savings
The survey findings indicate a lack of confidence in retirement savings among non-retired individuals, as only 24% believe they will have sufficient pension savings to support the lifestyle they aspire to in retirement.
Furthermore, nearly 39% express reduced confidence in their retirement prospects due to the uncertainties brought about by the Covid-19 pandemic.
Cost-of-Living Crisis and Retirement Insecurity
Phil Brown, the director of policy at People’s Partnership, attributes the retirement concerns to the cost-of-living crisis and the resulting uncertainty it generates.
The survey underscores the need for increased attention to retirement planning and savings, as a significant number of individuals are not currently saving enough to maintain their desired standard of living in retirement.
Conclusion:
The survey reveals widespread worries among non-retired individuals about their retirement prospects, with a significant portion anticipating working beyond their state pension age.
Confidence in retirement savings is low, and the cost-of-living crisis and pandemic-related uncertainties have further exacerbated concerns.
The findings underscore the need for increased focus on retirement planning and savings, with calls to raise the minimum auto-enrolment contribution rate from 8% to 12% to ensure financial security in retirement.