New research has revealed that 70 per cent of UK workers are planning to stay in employment past the standard retirement age.
The Real Retirement Report by insurance company Aviva indicates that those employees in their last ten years before reaching 65 may have to contend with lower incomes and less money saved up.
According to the survey, many people have not made reasonable plans for retirement including pension provision and the top reason given for continuing to work is financial motivation.
Clive Bolton, Aviva’s ‘at retirement’ director, highlighted that many employees in the UK look to boost their coffers in the last few years before they would reach the age for leaving employment.
However, because of falling wages, he encourages workers to think of long-term strategy for making pensions a reasonable source of income in later years.
Both the Liberal Democrats and Conservative parties campaigned for an increase in the retirement age and there could be the possibility of that barrier being raised faster than the proposal set out by the outgoing Labour government. See Queen’s Speech story here for an update.
By Hayley Edwards
