New
research has found some people are putting off retiring this year, read why
here.
By Lana
Clements
More than
one in ten workers who had originally planned to retire this year is now
delaying giving up work, according to new research by pension provider
Prudential.
Over
two-thirds surveyed are putting off retirement because they simply can't afford
to stop working, while the remaining say they don't yet want to. The average
age of retirement, at 60 years old, is still fairly young though; in fact,
seven months younger than the average age recorded two years ago.
Prudential's
retirement expert Vince Smith-Hughes says that many of those retiring this year
will be on final-salary pensions, "perhaps signalling that the golden
era of retirement for baby boomers isn't over yet".
Those who don't have final-salary, and have to buy an
annuity, may be put off drawing their pension this year because of
exceptionally low annuity rates.
Mr
Smith-Hughes says it's undeniable there is a new retirement reality for many
workers: "People are living longer, and for many, the very
real prospect of a 30-year retirement is either unpalatable or unaffordable,
hence the decision by many to continue to work.
He goes on to state that the line between working and
retirement is becoming blurred as a growing number of people choose to work
part-time, either out of their own desire or when forced by circumstances.
"To stand the best chance of having a comfortable
retirement, which starts when you want it to, it's important to seek
professional financial advice on saving for a pension and on what post-work
income options are available," advises Mr Smith.
"Saving as much as you can as early as you can will
help you to gain more control over your retirement."
