More than 68% of UK adults intend to work beyond their current standard retirement age, and one in ten believe they will not ever stop working, according to research from Aviva.
The Real Retirement Report (May 2010) found that UK workers’ attitudes to retirement have shifted somewhat from when the research was last carried out in 2005.
Five years ago, over three-quarters (82%) planned to retire before the state retirement age. On average men planned to retire at 60, and women at 59.
Of those planning to retire early, 58% said that their desire influenced their retirement saving plans. However 57% intended to leave their saving to closer to the time of retirement.
While the majority of this year’s respondents intend to work beyond retirement age, a third (31%) would like to retire between the ages of 61 to 65, but 29% see themselves giving up work between 66 and 70. One in eight (12%) plan to work beyond the age of 70.
Clive Bolton, a director at Aviva, said: “It is interesting to see how people’s perceptions have shifted in as little as five years. This research shows that when raising the state retirement age was first discussed in 2005, people remained optimistic that they would still be able to retire in their late 50s or early 60s.
“However, as our latest Real Retirement Report shows, there has been a sobering realisation since then that this is unlikely to be the case, with nearly 70% of adults now planning to work beyond the current state retirement age.
“This is particularly pertinent in light of the recent changes proposed by the Government. It is therefore important that people review their retirement plans now to ensure that they are not disappointed when they eventually want to stop working.”
“Although this change is clearly in line with recent proposals on retirement, the government should not interpret it as an acceptance of plans to increase the state pension age. Most people see this as a separate issue with only 7% linking the date the state pension starts with their own retirement plans.”
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