New research from My Pension Expert has found that more than a quarter of over-55s believe they will still be working in their 70s, with the majority lacking a financial plan for retirement.
The UK’s leading at-retirement advisor commissioned an independent survey of 2,000 UK adults. It found that the cost-of-living crisis has significantly impacted retirement plans, with 44 per cent of over-55s in work believing it has made retirement impossible.
Over a third (37%) said the current economic climate has derailed their financial plans with over a quarter (26%) saying they think they will still be working in their 70s. My Pension Expert’s research showed that, while Chancellor Jeremy Hunt is urging over-55s to either remain in work or re-enter the workforce, for millions, they do not feel they have a choice either way - just 35 per cent of over-55s think they will be able to retire when they want to.
