Office World has recently completed a study of company owners and whether or not they intended to retire at 65 or before. The results showed that just over 20% of people surveyed would be able to afford to retire at 60. Only 8% were looking at retiring at the age of 50. Only 1 in 7 people felt they would be able to retire at 65, whilst 14% of company owners thought they would continue until age 70.
Our View
With life expectancy rising and medical care becoming more advanced, people are living longer and healthier lives. This technically means longer in retirement and more income needed.
The Government is attempting to make pensions easier so people will save more. The problem is that whilst they are encouraging saving for the future with one hand, they are discouraging it with the other.
Company owners are therefore more likely to see their businesses as their pensions and foresee them providing a steady income past 65, even if they cut down their days.