Pension reality check hits the average Briton at 48

22nd November 2013

img

The reality of retirement, forecasting at what age it will realistically happen and how much income will be required typically only dawns on Britons at the ripe old age of 48 says new research.

The findings, from pensions and investment provider NFU Mutual, show that those approaching retirement age are pushing back their plans by an average of four years, as they re-evaluate what is realistic.

For some, the realisation has more dramatic consequences, with one in 103 of those still working past the age of 55 saying they now do not ever expect to be able to retire.

READ MORE: What do you really need to save for retirement?

Delaying starting a pension in early life might be one of the reasons, with nearly two thirds, at 64%, of people aged 18-24 having no pension or savings for later life, and one in four, at 26%, around the identified ‘retirement reality’ age of 48 in the same situation.

Commenting on the findings, Steve Meredith, pension and retirement specialist at NFU Mutual, says: “People might read these findings and worry – or worse still, bury their head in the sand about their own retirement planning.

“Whether you’re 18, 48 or 68 it is absolutely never too early or too late to start making plans for later life. Any provision, no matter when made will give you a better range of choices.

”It’s vital that people take action and start putting something aside now. Anyone looking for advice but unsure where to start can go and see their local NFU Mutual financial adviser to set up a planning session.

“The sooner people start saving, the more choice they’ll have when the time comes to slow down or stop working entirely.”

READ MORE: Retirement Planning

Leave a Reply

Your email address will not be published. Required fields are marked *