New research from Standard Life, part of Phoenix Group, has discovered that people are planning to retire at or beyond their State Pension age, as they look to establish additional financial security for retirement. - two years later than the current State Pension age.
The findings, contained in Standard Life’s Retirement Voice study, reveal that people are planning to retire at a much later age than those who are currently retired, which may be due to the responsibility for funding retirement now shifting to individuals. Commenting on the findings, Dean Butler, Managing Director for Customer at Standard Life, said: “People are expecting to retire later than their predecessors, allowing further time to build up their financial security to last throughout their retirement. In contrast, current retirees were more likely to base their decision to retire around their health and being ready to stop working, with financial security less of an influence.
Top Money Stories Today Dean continued: “With people having to take greater responsibility to fund their retirement combined with levels of outright home ownership at the point of retirement decreasing, it’s no surprise that more people than before are considering working beyond the state retirement age in the hope of securing a stable financial position when they eventually retire.