One in ten to work non-stop till they drop - Pensions - News - Moneyfacts

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One in ten to work non-stop till they drop

One in ten to work non-stop till they drop

Category: Pensions

Updated: 26/08/2010
First Published: 25/08/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

One in ten people expect to have to work till they drop, according to new research which reveals the retirement nightmare facing many workers.

The prospect of retirement is looking like a thing of the past for many Brits, according to Baring Asset Management, which found that 10% of the working population, the equivalent of 3.5 million people, have no plans to ever stop working.

More than four in ten non-retired UK adults, the equivalent of around 15 million people, said they did not know at what age they would get to retire.

Reflecting on a similar survey conducted in 2008, it is the economic downturn which appears to have placed many people's retirement dreams in jeopardy.

Two years earlier, every person surveyed was confident that they would retire and only 1% of people said they did not know at what age they would stop working.

"Our research shows that, for a large number of people, the ability to retire is now uncertain," said Marino Valensise, chief investment officer at Barings.

"A combination of increased longevity, a rise in the cost of living, and people not saving enough means that more people are being forced to work beyond the age of 65.

"They simply can't afford to stop working."

The survey highlights the importance of people taking an early interest in their retirement provision.

Starting to pay into a pension at a younger age increases the chances that you will have a pension pot significant enough in size to provide you with a comfortable retirement.

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