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Will we ever retire? The trend for working longer

by on August 22, 2013

According to a recent survey conducted on behalf of Barings, one in seven people in Britain say they have no plans to retire. This is the latest in a series of annual surveys and 14% represents the highest percentage reporting this intention since the surveys began in 2008.

A copy of the Barings press release is available here.

Other interesting findings reported:
– 34% have no pension: for men this percentage has decreased from 30% to 26% since 2008; for women this has increased from 39% to 42% over the same period.
– Those who do plan to retire say that this will be later, now at age 64 (compared to 62 in 2009);
– For people aged over 65 who have yet to retire, their expected retirement age is 71.

I guess asset management companies are interested in this because it enables them to draw attention to the need to ‘start early’ when it comes to retirement planning. But this is also just the latest in a line of surveys that suggest there is a trend towards working longer, whether out of necessity or choice. The growing gender difference in pension provision is also a worrying development.

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