Research from Cicero Consulting has found that people in the UK expect to retire earlier but also rely less on the state for income in retirement compared to other European countries.
Twenty seven per cent of people in the UK expect to retire with a decent standard of living before 60 compared to 23% in France, 21% in Spain and only 8% in Germany. 56% of people in the UK believe that the state will provide around 25% or less of their pension income, compared with 20% in France, Germany and Italy and 16% in Spain.
The UK had the highest number of respondents (37%) saying that greater tax relief on pension contributions in return for working past retirement age would be the best incentive to keep working longer, compared with 34% in Italy, 22% in France and 19% in Spain.
Our view
The reality for most is a little different. Most people expect to retire early but are not actually saving towards retirement.
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