People uncertain on when they will retire

More than one third of working adults are uncertain on when they will retire, according to research by Platforum.

30% plan to work either full time or part time beyond the state retirement age, which is currently 65.

Uncertainty is higher among women with 39% having a firm estimate of when they will retire, compared to 29% of men.

Further findings show:

  • 56% of people are confident they will be able to maintain their standard of living in retirement
  • 26% know what their estimated income will be when they retire
  • People plan to rely on their workplace pension followed by the state pension as their main source of income in retirement.

Heather Hopkins, research director for Platforum, said:

“UK adults don’t know when they will retire, how much income they will have when they retire, how much they pay into their pension, nor how their investments have performed. People feel unprepared for retirement and to sort it out, they plan to rely on friends and family for retirement planning advice.

“Workplace savings form the foundation for how working adults plan to fund their retirement and this bodes well for future savings rates as we move toward auto-escalation.”

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