Retirement hopes are fading fast in the UK

For an increasing number of
people in the UK, retirement is becoming a more distant, if not
unattainable objective, a study conducted by Baring Asset
Management (BAM) has revealed.

Highlighting an overall
upward shift in the age at which people anticipate being able to
stop working, the asset management firm found that 37% of
non-retired British adults intend to retire over the age of 61.
This is an 11 percentage point increase compared to a similar study
conducted by BAM in 2010.

Further indicating the shift
towards higher retirement age expectations, BAM also found that the
number of people planning to retire in the younger age bracket of
between 56 and 60 has decreased steadily since 2008, from 31% to
11% in 2011.

For others the picture is
even bleaker. BAM noted that 10% of the working population (3.5m
people) have no plans to stop working and 12.8m (36%) of
non-retired British adults are unable to say what age they hope to
retire.

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