Over half of people under 30 believe that they will retire before the age of 60, despite the likelihood of the retirement age being raised as high as 69!
Research by Friends Provident has revealed that 38% of people under 30 years old aim to give up work before they are 50, with a further 13% believing that they will have retired by the age of 55, and 12% by the age of 60! The survey also found that three quarters of those over 50 believe that they will be worse off once they retire, compared with just 52% of younger workers. Around 36% of the over 50's admitted that they have made no contributions towards a pension.
Our view
Most people do not and have not saved anywhere near enough to retire on and leave it until their late fifties to realise this.
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