One in five (21%)1 of 45-65 year olds who have financial plans in place to provide for their long term future no longer feel their plans will support them due to the current economic climate.
6% of 45-65s who aren't retired don't think they will ever retire, or 787,451 people2 currently in the UK
Whilst 16% of 45-65s who have financial plans in place to provide for their long term future feel confident, a further 48% of 45-65s now only feel reasonably confident their financial plans will support their long-term future.
Nearly three quarters (72%) of 45-65s who aren't retired plan to retire between the ages of 61 and 70 years old
New insight published today by Standard Life, the savings and investment specialist, suggests that the UK could be heading towards a perfect retirement storm; one in five (21%) of 45-65 year olds who have financial plans in place to provide for their long term future no longer feeling their financial plans will support them into the future. 6% in this age group who aren't already retired don't think they will ever be able to retire, equating to over three quarters of a million people.
Of those who have financial plans in place to provide for their long term future, 64% of 45-65s feel confident that their financial plans will support their future post retirement. 21% of these adults no longer feel their plans will support them into the future, with a further 10% having never felt confident. 37% of 45-65s have no financial plans in place for their long-term future. And yet 72% of people currently aged between 45 and 65 who aren't retired think they will retire between 61 and 70 years old.
John Lawson, Head of Pensions Policy at Standard Life said: "The current financial crisis has brought into sharp focus the need to make and review appropriate plans. This will clearly be challenging but there are many things you can do to make your retirement years as secure as possible."
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