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. On average, those currently aged between 45 and 64 say they would like to retire at 68 - two years later than the current State Pension age.
Standard Life suggests this may be due to the desire to have the time to build a solid pot to fund the duration of their retirement, as more than two in five (44%) said the biggest influence on when they will retire is their level of financial security. This consideration comes ahead of health and wellbeing (41%) and being happy to stop working (30%).
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.
