A new study has revealed that the number of Brits forced to continue working past the retirement age is continuing to swell, and there is no end in sight as costs continue to rise.
According to research conducted by Baring Asset Management, one in seven over-65 Brits are still unsure as to when they will be able to retire, and a third of people aged 45-64 also have no idea when they will be financially able to stop working.
The reasons for these bleak figures are plentiful- recession, dwindling pensions and a lack of financial planning being the main issues. Living costs are also rising in the UK, and many people find that they simply cannot get by without continuing to work well beyond the years they should have stopped.
Financial planning, a lack of, is also a big concern. It seems that many people remain oblivious to the huge benefits that come with adequately planning for their future.
Marino Valensise, chief investment officer at Barings, said: “The outlook for those planning their retirement is very uncertain. We have seen the cost of living continue to rise, making retirement more expensive.”
If you are interested in making the right financial decisions that will benefit yourself and your family, speak to an IFA today.