Millions suffering from ‘pensionitis’ - Retirement - News |

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Millions suffering from ‘pensionitis’

Millions suffering from ‘pensionitis’

Category: Retirement

Updated: 27/11/2017
First Published: 01/05/2013

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 It is now over 6 months old so the content may be out of date.

A worrying number of people aged 55 and over have absolutely no plans in place for when they eventually retire, a new study has revealed.

According to the Money Advice Service (MAS), four in ten people expect to carry on working for as long as possible, whilst 8% don't see themselves ever fully retiring.

Such attitudes have led to the MAS claiming that 'pensionitis', defined as a fear or apathy regarding retirement, is sweeping the nation.

It isn't only people approaching retirement age who face financial struggles. Around 30% of those questioned admitted to burying their heads in the sand when it came to pensions and retirement planning. A massive 60% claimed they did not understand the subject of pensions at all.

Over half (55%) are not aware of the tax benefits of owning a pension, whilst 36% of UK adults were not familiar with the term 'annuity'.

Jackie Spencer, retirement and pension expert at the MAS, said: "Retirement is inevitable, so how you plan to fund it is just too important to ignore.

"Its really concerning that more than one in ten over 55s who aren't retired have not thought about how they will fund their retirement and worrying that so many people are succumbing to Pensionitis."

What next?

Increase your income in retirement by up to 40%
Find out how to get the best income in retirement, just click this link for a more in-depth discussion.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.