Pensioners retiring later

Pension-adviser
Pension-adviser

Article by Phil

Whilst the number of pensioners is increasingly rapidly as we’ve reported, a new national survey conducted by Dunstan Thomas (28th March), has shown some more interesting retirement facts, especially about the so called “baby boomer” generation, those born between 1947 and 1964. In terms of this group the survey found that :

  • Over one third were still working beyond the State Pension age.
  • The average age they intend to retire on average is 70 years old.
  • Almost a quarter are still working full time, whilst almost a half are working part time.
  • 10% say that they never want to give up work.
  • In terms of household incomes, those working have an average income of £44,000 but this drops to £30,000 on average for those who are fully retired.
  • Almost half still benefit from final salary pension schemes.
  • One in twenty have used some form of equity release to boost their retirement income, whilst nearly 20% say that they have or will downsize to release funds.
  • Almost a quarter are still financially supporting their children or grandchildren and most expect to continue to do so long term.
  • Interestingly the FCA has just released figures which show that 33% of all financial advisers in the UK are aged between 50 and 59, with a further 17% (over 5,500) advisers aged over 60. So that’s half of all financial advisers aged over 50 and only 6% aged under 30. It might be time to get advice while you can.

Find out now if you might benefit from a pension review or advice.

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