Friday, March 10, 2023

"Over-55s braced to work into their 70s as cost-of-living bites"

 A dreadful story. While some of us may want to think about working after retirement, nearly all of us would want to have the choice and not be forced to work until we drop. The answer is greater financial support by employers and government for pensions.

Check out this report in HR news

  • "Over a quarter (26%) of over-55s in work think they will still be working in their 70s
  • 44% say the cost-of-living crisis has made retirement impossible
  • Yet just 37% have a financial plan for retirement; only 43% know how much is in their pension

Over a quarter of over-55s believe they will still be working in their 70s, with the majority lacking a financial plan for retirement, new research by My Pension Expert has revealed.

The UK’s leading at-retirement adviser commissioned an independent survey of 2,000 UK adults. It found that the cost-of-living crisis has significantly impacted retirement plans, with 44% of over-55s in work believing it has made retirement impossible.

Over a third (37%) say the current economic climate has derailed their financial plans. Over a quarter (26%) think they will still be working in their 70s.

My Pension Expert’s research showed that, while Chancellor Jeremy Hunt is urging over-55s to either remain in work or re-enter the workforce, for millions, they do not feel they have a choice either way. Just 35% of over-55s think they will be able to retire when they want to.

The survey also revealed that many over-55s are not sufficiently prepared for stopping work. Less than half (43%) know how much they have saved in their pensions, and even fewer (37%) have a financial plan in place for retirement...".

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