Pensions - Articles - The Queen's record reign a reflection of modern retirement

 “At age 89, after securing the record for longest serving British Monarch, Queen Elizabeth II looks unlikely to retire soon. Her Majesty’s situation isn’t unusual of people in the UK either, reflecting the growing popularity of a flexible retirement. BlackRock research showed that 71% of advisers believe that, compared with five years ago, their clients are generally planning on working longer and retiring later.

  

 “What does cause concern is that for those who, unlike Queen Elizabeth, do plan to fully retire, there is a significant gap between financial aspiration and reality. The average Brit said they would need an annual income of £26,000 to meet their retirement needs and believe a pot of £259,000 will provide it. In reality, people will need a pot size of around £480,000 to deliver the level of income they desire. It is vital that savers start to put saving for their retirement higher up their financial priority list if they want to achieve their retirement aspirations, start saving as early as possible, think long-term and make longevity your friend.”