Young people in the UK expect to retire before turning 64
On average, young people between the ages of 18 and 34, expect to retire at the age of 63 and eight months, while one in eight are looking to retire by 55, new data has shown.
A survey by Opinium for investment platform Hargreaves Lansdown said that in contrast, those over 55 expect to retire on average at 67 and 11 months, with 20% aiming to stop work after 70.
The current average age of retirement in the UK is 64 years and 8 months. Over the past three years, the age at which older people have expected to retire has increased by 11 months.
In the survey, which interviewed 2,000 people last month, one in five people admitted that they have no idea when they’ll retire, including almost one in four women. Overall, Britons expect to retire at 65 and two months – before their state pension is due to arrive, which is currently at the age of 66.
Sarah Coles, personal finance analyst at Hargreaves Lansdown said that people have “high expectations of retirement” and that they “may be in for a nasty surprise.”
“We see today’s retirees downing tools in their early 60s, picking up their largely defined benefit pensions, and settling in for a comfortable retirement – and we assume we can do this too – at roughly the same age,” she said.
Read more @Yahoo
