PENSION CRISIS: Eight million workers too poor to retire

Figures suggest half the current UK workforce aged 40
to 64 expects to have to work into their late-60s and
beyond, Age UK warned.
It found only 17 per cent of the age group believe they
will be financially secure enough to stop work.
Now the charity is calling on the Government to help
people plan for later life by offering a “career MOT” at
the age of 50 – while there is still time to do
something about it.
The careers review would encourage people to make
realistic choices about work, health and retirement.
The YouGov research – published to launch Age UK’s
new public policy paper – questioned 2,112 working
adults nationwide.
35 per cent of people aged 40 to 63 expect to be
working the same hours in their late 60s
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It
shows 35 per cent expect to be working the same
hours in their current job in their late 60s.
A quarter anticipate working fewer hours in their
current job while 21 per cent believe they will not be
working in their job at all by this point.
But of those who expect to stop working or reduce
their hours before their late 60s, 23 per cent cited
poor health as the likely reason, while 28 per cent felt
their job would be too demanding.
The state pension age is currently 65 for men and 64
for women.
It will equalise next year to 65 and is set to rise to 67
by 2028 and 68 by 2046.
Age UK asks the Government to commit to creating a
career MOT at 50 for all
Age UK says successful government-sponsored pilots
of mid-life career reviews took place in 2013-’15 and
should now become the norm for everyone.
The charity wants the MOT to include in-depth career
and retirement planning advice and ways people can
boost their savings.
It says a workers’ wish-list also included talks about
savings, transferable skills, health implications and
flexible working.
The advice could be delivered by the National Careers’
Service, current employers or even pension schemes.
Caroline Abrahams, charity director at Age UK, said:
“There is a lot to be said for taking stock at 50, while
there is still time to make changes to the rest of your
working life and transition to retirement.
“With the state pension age continuing to rise and
people inevitably having to work longer, there is a
growing need for everyone to make informed choices
about training options, pension provision and future
career options, to make a successful transition to the
retirement to which they aspire.
“A career MOT at age 50 could make a really positive
difference.
“We want the Government to commit to extending its
current pilots with a view to creating a career MOT at
50 for all.”

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