1 in 4 Pensioners Work On

1 in 4 Pensioners Work On.

A survey by Prudential of over 7,000 people that approach their retirement date on their pension this year has found that around 1 in 4 have not made any decision to retire and definitely 1 in 8 have already postponed or extended their retirement age.

50% of those surveyed suggest that they also plan to work on beyond state pension age.

Many suggest that they wish to work on to maintain their health and mental capacity.  Others suggest that they wish to work on for a period to boost their savings before retiring.

There is a growing trend of many looking to phase in retirement and work part time.  There will of course be some that have not made adequate provision and this cannot afford to retire.

Comment

These figures may look startling, but there will be many who selected earlier retirement ages e.g. from age 55 and therefore it is perhaps too early and unrealistic to retire.

We would add that given that state pension ages are being increased to 66, 67, 68 and beyond, the simple matter is that many just cannot afford to retire anyway as most of their life planning has been to retirement ages of 60 and 65.

Pension planning we suggest should now take top priority for us all.  Talk to us about target funding calculations to help you work out, inflation adjusted, how large a pension ‘pot’ you need to build up and how to plan to save and manage your  investments to achieve your goals.