For those of us with less stamina than Prince Philip, it is worth thinking about when we want to retire and how long we might live in retirement. A man who is 50 this year has a one in four (25%) chance of living until he is 95 and a better than one in ten chance (11%) of living until he is 100.
Stephen Lowe, group communications director at Just, said: “Not all of us will have the good health or stamina of the Duke of Edinburgh – I’m not sure I’ll still be able, or want, to work at 95 years old! In fact, today more than half of people are not working in the year before they reach State Pension age; and one in four men, and one in three women, reaching State Pension age has not worked for five years or more, often not by choice. Even when people can claim the State Pension we know it will never provide for any luxuries in retirement so people will rely on their own resources for those little extras to make retirement comfortable and secure.
“As people live longer and are likely to be retired for longer, we must make sure individuals have the information they need to be able to make good retirement choices. Anyone who takes money out of their pension too soon risks leaving themselves short of income later on when their options are limited. Anyone too cautious, worried about outliving their savings, may not enjoy the comforts they probably could afford. So, we want to see people ‘auto-enrolled’ into Pension Wise guidance when they start to think about accessing their pension pots.”
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