Many facing retirement believe their pension won’t be enough to survive on

Those facing retirement are concerned about their pension and savings, with 43% believing that they will have to work beyond the state pension age.

The Renovo research found that as many as 93% said they are worried about their finances post retirement, with 80% saying the cost of living crisis was a key concern.

Chris Parker, Managing Director of Renovo, commented, “The retirement picture is far more complex and pressured than it has been historically.

“With no default retirement age and a rising state pension age, we are seeing people increasingly struggle to make firm decisions on when and how to retire.”

Parker added, “People are generally living longer which means more pension savings are needed and those approaching retirement are now more likely to have financially dependent children while at the same time caring for elderly parents.

“These are all financial pressures that significantly impact people’s plans for retirement, which are of course greatly exaggerated by the rising cost of living crisis.

“Unsurprisingly, with finances being squeezed, finding opportunities to work for longer is becoming necessary for many. This impacts employers immeasurably too – not just in terms of rising occupational health risks and costs but also in terms of talent mobility and succession planning.”

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