Over 55's not planning for retirement
Two-fifths of people approaching retirement are failing to save anything to help support themselves when they leave work, research showed today, with many of these "pre-retirees" having a substantial amount of debt.
Source: Guardian
How are you planning for your retirement? Do you envisage working longer to survive financially as you age?
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Bit of a worry isn't it. I think a lot of people are planning to use their properties as their pension. I certainly don't know that many young people in my company that are saving into a pension.
What are these people actually thinking will happen? I can't really understand why people don't plan for retirement. I'm not saying they should put savings into a pension (I don't myself) but I do think there are lots of things people can do so that they can live in the manner they're accustomed to.
Paul
Working longer will help ensure a better retirement pot especially in the current economic climate. There's also an argument for keeping the mind sharp by continuing to work, as I've seen and heard of plenty of examples of retirees suffering because of a lack of stimuli.
Demographic shifts combined with the pensions/economic crisis will require people to work longer than planned anyway.
That's all very well but, as they age, some people will find they are unable to work longer. They could then be presented with very difficult circumstances.
Paul