One in four over-55s expect to never fully retire

4 Dec, 2014

According to new research from Key Retirement Solutions, over a quarter of UK workers aged 55 or over feel they will never be in a position to give up working completely for fear of not having sufficient money to live on.

In a survey of more than 3,000 UK adults, one in four of those currently working and over the age of 55 said they will never be able to afford to fully retire , whilst 10 per cent admitted that they will carry on with full-time work for as long as they can.

Of the 55-plus year olds who are still in work, about three quarters said they are still working because of financial reasons.

Dean Mirfin, spokesman for Key Retirement, says: “It is striking to find so many over-55s do not believe they will ever be able to afford to retire and paints a worrying picture of the current state of retirement.

“Of course, many of those planning to work until they drop may be entirely happy about it. But the other side of the coin is that millions are worried about having enough money to survive in retirement and that is a major factor in staying in work. Even those who plan to retire are not entirely certain when they can afford to.”