A fifth of UK workers expect to retire after 70

By April 20, 2016Uncategorized
Auto Enrolment | HR Solutions

New research has revealed that over a fifth of UK employees expect to retire in their seventies and also have higher stress levels. Not only that, they are also less healthy and more stressed than employees who are hoping to retire sooner.

 

1,895 UK employees were interviewed for the Global Benefits Attitudes Survey, conducted by Willis Towers Watson. The results showed that 51% of people who anticipate retiring when they are over 70, were suffering from high levels of stress. This compares to 36% of workers who hope to retire sooner at around 65. 36% of workers anticipating that they will be working for longer, say that they have fair or poor health. This is compared to only 16% of their counterparts who plan to stop working earlier.

These results highlight the worries UK employees have about their savings and financial security as they get older. Even though they may be many years off their retirement, it is impacting on their health now. Employment levels may be improving and wages are on the rise, but many workers worry about long-term financial stability and making sure they have enough money for their old age.

The survey also showed that 30% of respondents under 40 anticipate that they will retire in their 70s or later, with this falling to 15% among those in their 40s and 12% in their 50s.

The report also found that men and women have different expectations for their retirement. The figures showed that 25% of the women asked, they are expecting to retire in their seventies, this compares to just 19% of the male respondents.

Also interesting, is that the figures show that 37% of the women in their 20s that responded, say that they will have saved enough money for them to be able to live comfortably for 25 years of retirement. This is compared to 56% of men in the same age group.

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