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Changing expectations regarding retirement

by on April 15, 2016

Another day, another survey. Here, the Belfast Telegraph reports the results of a survey by Canada Life Group Insurance which found that overall, 67% of UK employees now expect to work beyond what used to be the traditional (male) retirement age of 65.  There were some age-based differences: 85% of those aged 21 to 30 expect to work beyond 65 whereas only 58% of 61 to 65-year-olds say they are likely to work beyond this age.  The reason for these (revised?) expectations is said to be the low interest rates that have prevailed over the last seven years. Of course we don’t know the details of the methodology of this survey but it’s interesting how often those conducted by financial institutions cite financial factors.

Meanwhile, Matt Flynn writing here for Business in the Community in his capacity as director of the Centre for Research into the Older Workforce at Newcastle University, reports on the results of another survey. This looked at the workplace experiences of those aged 50 plus and also asked about retirement intentions. Specifically the survey asked ‘At what age are you planning to retire and why have you chosen that age?’ He reports that planned retirement ages are indeed going up, having increased from an average of 62.4 a decade ago to 63.4 in 2010 to 65.1 now.  Interestingly, the explanation offered in this survey is that more people attribute this to wanting to work longer (48%) than in order to get a full pension (34%). Matt says they are still crunching the numbers on this survey so we look forward to seeing further analysis in due course.

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