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One in three workers 'has no intended retirement age'
August 31, 2011
Research suggests that many people who are approaching retirement age have little idea of when they will be able to give up work.
Over a third of the working population (36 per cent) has no idea when they will be able to retire, according to new research from Baring Asset Management.
The firm asked ICM Research to question 1,589 non-retired adults in July 2011.
Its survey found that ten per cent of workers have no plans to retire, while the number of people expecting to retire between the ages of 66 and 70 has doubled to one in ten since last year.
People are now looking to retire at a later age than before and the number of people planning to retire between the ages of 56 and 60 has dropped from 31 per cent in 2008 to just 11 per cent this year.
Just three per cent of respondents said they would be able to retire between the ages of 51 and 55, compared with six per cent in 2010.
Marino Valensise, chief investment officer at Barings, said: "It is apparent that the outlook for those planning their retirement is very uncertain for many people.
"We have seen the cost of living continue to rise, making retirement more expensive and resulting in many more people having to put retirement off for a few more years."
Recent research from MGM Advantage found that 37 per cent of retired people have cut back on their daily expenditure, while many have taken on some form of employment in order to boost their finances.
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