Save nothing and retire at 86

| September 8, 2009 | 0 Comments
Save nothing and retire at 86

British workers who fail to save for their retirement could end up working until they reach 86 if they want to be paid a decent pension.

Research by Standard Life found the real retirement age of people not currently saving for retirement could be between 74 and 86 if they want to retire on two-thirds of their final salary.

People who retire on state benefits alone could find themselves struggling to survive on as little as 21% of their final salary, Standard Life warned.

According to Andrew Tully, Standard Life’s senior pensions policy manager, the research is a “stark” warning of the “retirement reality” facing many people in the UK today.

“If people rely on the state in the hope or belief that the Government will bail them out, they will either have to retire on a basic income or simply face the music and defer retirement until much later,” Tully said.,

“Most people in the UK would like to retire at age 65 or even earlier.

“To achieve this goal with a decent retirement income, private saving is essential.”

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