The number of people searching for advice on what age they can retire increased by 350 per cent in the last three months, a major study has revealed.
The research, published by private bank Arbuthnot Latham, suggests that the coronavirus pandemic has inspired workers to bring forward their retirement plans.
According to the report, more Brits than ever are reviewing and planning their finances with a view to retiring before the State Pension Age.
The study suggests that internet searches for “what age can I retire” have increased 350 per cent over the last three months, but the answer may not always be what workers want to hear.
To retire as soon as it is viable to do so, you need to consider your current age, how much you’re contributing to your pension pot each month, how much state pension you will receive, how long your retirement is likely to be, whether you have additional sources of income such as investments, and how much income you will need each year to live comfortably.
The survey of 300 Brits revealed that under a third (31 per cent) felt “in control and organised” of their future, meaning the majority of workers have little to no retirement plans.
A similar number (30 per cent) expressed mixed attitudes towards life after work in terms of readiness and preparation, while one in five (19 per cent) are “cautiously optimistic” about retirement, suggesting they might benefit from financial and retirement planning advice.
A further one in 10 (10 per cent) said they were “open to options” – defined as not having given retirement planning too much thought.
Commenting on the findings, Arbuthnot Latham, Head of Wealth Planning, Steve Pennington, said: “It is reassuring to see that people feel that they are taking control of their future and putting in plans for their retirement. Of course, feeling in control and actually being in control can be different things, especially as events change.
“We’d advise anyone to review their retirement and general financial plans on a regular basis to ensure they remain fit for the future.
“No two people are the same, everyone has different aspirations as to retirement lifestyle, where they want to live, and how they plan to use, invest, preserve and pass on their wealth.”
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