Dreams of retirement fade away until 70s

FOR some retirement is intrinsically linked with blowing out 65 candles on a birthday cake.

But it seems that more of us worry that we will be working later in life - with one in five people admitting that they fear they will have to work until their 70s before being able to retire, a new study has revealed. Some believe they will never be able to stop working, amid worries about long-term savings and pensions.

A survey of almost 2,000 workers by Willis Towers Watson found that people under the age of 40 were more likely to be resigning themselves to staying in jobs until they were 70.

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Fiona Matthews, of Willis Towers Watson, said: “These figures put into sharp focus the worries that British workers have about their long-term savings and financial security in old age.

“This is already causing stress and having a negative impact on their health. Although employment levels are good and wages are rising, many employees are worried about long-term financial stability.

“They are anticipating longer careers and, for many, working longer is the only way to achieve security in retirement.”

Earlier this year, the Yorkshire Post reported that almost half of those in Yorkshire who want to retire in the next five years say their circumstances will not allow it - with 71 per cent saying they haven’t saved enough; 17 per cent have dependants who rely on their income and 13 per cent have too much debt to consider it.

A Department for Work and Pensions spokesman said it had introduced “wide ranging reforms” to make pension saving easier, clearer and more sustainable.