Retirement delayed as public pensions fail to meet expectations
According to a study by Baring Asset Management, the number of workers who plan to retire after the age of 66 has doubled over the past year, thus forcing people to work for longer, as public pensions fail to provide a sustainable retirement.
The study found that one in ten people believe that they will have to retire between the ages of 66 and 70 in order to cope with the increased living costs and the plummeting value of the public pension.
In addition, the report found that one third of UK adults are unable to say the age they hope to retire, while a staggering 10 percent claim to have not yet planned their retirement at all.
A Separate investigation by Prudential has also revealed that a pensioner retiring this year on a public fixed-income pension, one which does not increase with inflation, could lose up to 60 percent of their spending power over the course of a 20-year retirement.
This therefore highlights the fact that many governments are failing to provide a sustainable pension for their citizens. In such times of uncertainty, one thing is for sure, savers need to rethink about their retirement plans by taking control of their assets and start putting enough money aside for a sustainable retirement. Contact Mark Farnsworth (Pensions and QROPS) +357 97723497 about creating a personal pension that can give you the retirement that you ultimately deserve.