Retirement an impossible dream, four out of ten Brits fear

Nearly 40% of people in the UK do not think that they will ever be able to retire, according to a study by Mintel.

The study reveals that there is little optimism among Brits when it comes to retirement. Around 35% think that they will retire, while almost 40% believe that they will never stop working completely.

According to the report, there are also differences in the UK regions, with those living in London being the most pessimistic. Scottish people are a little more optimistic, with just 32% believing that they will not be able to retire.

A third of workers stated that as soon as they reached state retirement age and could claim their state pension, they would retire. This figure reached 42% of men aged between 25 and 44 years old. The majority of workers, 61%, believe that they won’t be as comfortable during retirement as previous generations, which increases to 65% of people born between 1965 and 1979.

A senior analyst for Mintel, Rich Shepherd, said that a negative view of retirement is being held by too many people, who realise that they will have to save more and work for longer to receive less income during retirement. For some, it is sufficient to make them question whether retirement will be a possibility.

Although there have been many changes, like the rising state retirement age, individuals should consult a specialist in pension benefits so that they can maximise their wealth during retirement.

A pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interests rates and tax legislation