Half of adults want to retire before state pension age

48% of working adults yet to retire would like to by the time they reach 61, according to Now: Pensions.

50% of the surveyed adults would also be happy to save more into their workplace pension.

On average individuals would like to retire early but financially don’t think they are capable until they reach 64.

On those who want to retire early:

  • 69% want to finish work while they’re still healthy 
  • 31% do not think they will feel motivated enough to continue working
  • 19% want to be able to care for their grandchildren
  • 9% want to care for their elderly parents
  • 18% don’t think they will be able to work beyond 61.

However, 41% said that financially they may have to continue working in later life while 28% are happy to work on a part-time or flexible basis.

Adrian Boulding, director of policy at Now: Pensions, said:

“It’s clear that some people are realising that what they want and what they can afford are2 different things.

“If people are going to use their auto-enrolment pension pots to bridge the gap between early retirement and state pension age, then they are going to have to pay more into them first.”

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