According to the latest research from AIG, they have stated that UK workers are expected to be more physically capable at doing their jobs until past their 68th birthday, past that age they can then start claiming the state pension even when it is extended to 67 by 2028.
Figures show that 31% believe that UK workers can work in their 70s and beyond, while there are one in 14 who’s confident that they can keep working till their 80s.
31% believe they could work into their 70s and beyond, with one in 14 confident they could keep going into their 80s.
In the AIG reports, they state it is an independent nationwide study to validate the impact rising life expectancy and health improvements that occur, as people adapt to the way they work and live. In addition to this, longer working lives can highlight the support that financial protection delivers for individuals and their families.
The report reveals that on average, workers believe they are fit enough to work until 68. While men are more confident they can work until 69, while women are slightly lower at 67. The older people believe that they’re healthy enough for work, with over 55s expect to be able to keep going to nearly 73, while under 35s believe around 66.
More people are confident that they able to continue to work to the state pension age which is due to be increased to 66 next year for men, and 67 for women between 2026 and 2028 and then to 68 from 2037.
Statistics show that 47% of people are certain that the current average 21 years are spent in retirement which is just about the right amount of time to spend not working. There are numerous views with the research as 14% of adults believe that 21 years of retirement is too long. On the other hand, in London with 28%, twice as many as the UK as a whole believe it is too long. While 25% believe that 21 years of retirement is not long enough.
Furthermore, AIG Life’s research has discovered that on average, people expect to live almost 82 and to be healthy and active until around 77.3 years of age. While 18% believe that they can live past 90 showing the benefits and opportunities that take a realistic and practical approach to plan ahead financially.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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