Are estate agents prepared to work into their 70s?
That’s one of the questions posed by research showing over a quarter of over-55s believe they will still be working into their seventh decade, with the majority lacking a financial plan for retirement.
My Pension Expert commissioned an independent survey of 2,000 UK adults and found that the cost-of-living crisis had significantly impacted retirement plans, with 44% of over-55s in work believing it had made retirement impossible.
Over a third (37%) said the current economic climate had derailed their financial plans and some 26% said they expected to be working into their 70s.
Chancellor Jeremy Hunt is currently urging over-55s to either remain in work or to re-enter the workforce, but just 35% of over-55s told the survey they would be able to retire when they want to.
The survey also revealed that many over-55s are not sufficiently prepared for stopping work. Less than half (43%) said they knew how much they have saved in their pensions, and even fewer (37%) said they had a financial plan in place for retirement.
Andrew Megson, CEO of My Pension Expert, said: “Chancellor Jeremy Hunt has been making it abundantly clear that he wants to keep over-55s economically active. ‘Britain needs you,’ he said, despite the fact that older workers have been poorly treated and under-acknowledged for many years.
“No, it won’t be a sense of duty that keep them in employment, but necessity, as our research proves,” Megson added.
