Millions of workers will be forced to work past the age of 75 because they are in the dark on how much they need to save for a comfortable retirement.
The Pensions Policy Institute, which carried out the research, said that people were not saving enough, although living longer, volatile stock markets and plunging annuity rates were also to blame.
Its research found that 45 per cent of people over the age of 50s would have to work for an extra 11 years past the state pension age, currently 65, if they wanted to live a comfortable retirement.
Niki Cleal, a director at PPI, said: “In the last three decades, life expectancy has increased dramatically in the UK. It means that many people will need to save more and work longer if they want to have an adequate retirement income.”
Joanne Segars, chief executive of the National Association of Pension Funds, remarked that the PPI report would dash the retirement hopes of an “alarming number” of people…
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Read More @ Over 50s will be forced to work 11 years longer to get a decent pension – Telegraph.
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