The age at which we truly realise when we will be able to retire - and how much we need to save for retirement – is 48.
The findings, from pensions and investment provider NFU Mutual, show how Britons are facing a stark day of ‘retirement reality’, and only then do they truly appreciate what savings they need for retirement and when they will realistically be able to stop work.
Those approaching retirement ageare pushing back their retirement plans by an average of four years2, 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 don’t ever expect to be able to retire.
Delaying starting a pension in early life might be one of the reasons, with nearly two thirds (64%) of young people (aged 18-24) having no pension or savings for later life, and one in four (26%) people around the identified ‘retirement reality’ age4 of 48 in the same situation. Such a widespread lack of investment suggests the problem could be here for many years to come.
Commenting on the findings, Steve Meredith, pension and retirement specialist at NFU Mutual, said: “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’s 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.”
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