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Recent figures suggest over half of adults (53 per cent) are worried that they will run out of money in retirement, with 22 per cent saying they do not expect that they will be able to afford to retire. The Future of Retirement Report from Scottish Widows surveyed over 5,000 UK adults and reveals 41 per cent of adults are not adequately prepared for retirement, whilst over a fifth admit they are not saving any money into their pension.
Changes to state pension and the rising cost of social care are two of the main concerns from the general public when it comes to retirement. Having to work longer than they would like to ensure they have enough savings is a prominent concern for 29 per cent of people whilst the same amount is concerned that they will continue working when they are no longer fit or healthy.
People are also expecting to retire later that they would wish to, with the average age for desired retirement being 62 whilst the average age many anticipate they will have to work to is 65. All in all, 67 per cent of adults admit that they do not feel positive about retirement.
Aston spoke to Laura Whateley, consumer champion and writer and Stuart Hopley, senior pension specialist from Scottish Widows to discuss the report and also about the new policy that Scottish widows are putting in place.