|
Britons delude themselves over retirement
24 January 2008 12:00
Many Britons are guilty of a lack of realism when envisioning their retirement age, according to a new poll, especially when a minority are making no pension preparations.
Despite the government stating that the statutory retirement age will rise to 68 by 2044, Baring Asset Management's survey found that one in three people still expect to retire between 60 and 65, while a similar proportion plan to do so while they are in their fifties.
Yet most worryingly of all, nearly one in four people who have not yet retired have still to make any pension provisions whatsoever, with this group bizarrely accounting for almost half of all Britons who expect to have finished working by the age of 50.
Among those who are making preparations, less than one in three members of defined contribution schemes expect to retire before reaching 60, compared to over two out of five people with a defined benefit scheme and nearly half of those relying on property.
Barings' Rob Lay urged Britons to plan more proactively for retirement, warning that the demise of defined benefit schemes and the volatility of property makes it vital for people to consider how they will build up their Pension fund from the very start of their careers.
|
