Brits are putting retirement plans on hold and many are worried that they will be financially stretched due to the rising cost of living, according to a survey by unbiased.co.uk, an online service which connects individuals with trusted and impartial financial advisers, mortgage brokers and accountants.
According to the survey, three-quarters of those aged 50 and over are worried about how the cost of living will impact their retirement with one in two (53%) fearing that they won’t have enough income to survive financially when they stop working.
“The cost of living crisis has pulled retirement plans into sharp focus, with three-quarters of the population worried that they won’t be able to afford to stop working,” says Karen Barrett, Founder and CEO of Unbiased.
“Worryingly, 63% of Brits have no idea what a pension pot should look like when it comes to funding the kind of retirement they’d like. Burying your head in the sand will only make things worse as retirement takes planning and it is better to act now. We have a calculator tool on our website that will work out how much money people can expect from their pension pot when they retire.”
The survey also showed that:
●6 in 10 (61%) say that the cost of living crisis means they will have to work for
●71% feel it will be hard to retire before the age of 66.
●Most Brits over 50 plan to retire at 67, but those still working at 65, plan to continue until 72.
●Stoke On Trent has the highest planned retirement age at 73
– 23% of women over 50 in Britain fear they will need to keep working until they are physically unable
The over 50s are already feeling the strain with more than half (55%) saying they’ve been hit hard by the cost of heating and food, 25% have had to borrow money to help them pay bills and 29% have had to dip into savings to make ends meet. 24% of those who were planning to retire in the next 3 – 6 months have now decided to carry on working to counter rising prices.
The cost of living crisis has also prompted 37% to start saving for their retirement while 47% feel their plans to give up work are under threat, even though they have worked hard and deserve a comfortable retirement.
“Now is the time to find a good pensions adviser so that you can make the right decisions when it comes to your retirement,” says Karen.