Retirement simply 'not possible' for some
Published on 23 October 2012 11:30 AM
A new survey conducted among older people has revealed concerns over whether many will ever be able to retire.
NFU Mutual carried out a poll of 1,300 adults and discovered that around 40% of 65 year-olds worry that they will never be able to stop working.
Most are concerned that they have not got sufficient savings to be able to retire.
Steven Meredith, a spokesman for NFU Mutual, said that the critical factor is that people have the option to retire if they want to. Some people want to continue working when they reach retirement age, but others are forced in to staying in employment longer as they cannot afford to stop.
An additional report compiled by professional services company Towers Watson has added further weight to the argument that financial concerns are becoming a hindrance for those reaching retirement age. The Towers Watson survey revealed that most of the 2,500 British workers who responded said retirement security had become more important over the last three years.
Towers Watson's Tess Wishart said: 'People are clearly worried and by the same token any Government initiative that impacts on pay can be very emotive.' She added that the current level of worry over retirement security is unparalleled.'
The way we save for retirement is changing
The Government is attempting to increase the level of retirement saving by automatically enrolling workers in a workplace pension scheme. A new advertising campaign has been launched in a bid to increase awareness of the change in approach.
A spokesman for the Department for Work and Pensions said that the age for receiving a State Pension would continue to rise as the average lifespan increases. The traditional ages associated with retirement are likely to rise as people attempt to save enough to achieve a good quality of life.
Workers in the UK are thought to be less optimistic than those in France, Germany or the United States. Whether the Government's attempt to engage employers in a concerted effort to join workplace pension schemes will alter perceptions is yet to be seen. It is expected that the number of firms taking part will increase steadily between now and 2018.
Copyright Press Association 2012