1 in 5 push again retirement date

Over one in 5 (21%) of over-40s have already pushed again their deliberate retirement date as a result of cost-of-living disaster, in line with new analysis.

A 3rd (37%) of over 55s say the cost-of-living disaster has made retirement unimaginable for them within the foreseeable future, in line with analysis by My Pension Professional.

Of over-40s at present in work, 7% have come out of retirement prior to now 12 months as a result of inflation meant they wanted to earn more cash.

Solely a 3rd (33%) of 1,254 UK adults over the age of 40 surveyed mentioned their pension financial savings and investments are managing to carry their worth within the face of rising inflation.

Many had been additionally contemplating making adjustments to retirement provision, with 7% having switched pension suppliers or plans this yr to attain higher returns.

Regardless of considerations over funds, solely 13% had spoken to an unbiased adviser about their retirement technique.

Andrew Megson, govt chairman of My Pension Professional mentioned it’s regarding that so many individuals have made adjustments to their retirement plans with out consulting an adviser.

He mentioned: “Given many are altering their pension plans, the very fact so few have sought monetary recommendation is regarding. An adviser may also help planners assess their retirement technique based mostly on their monetary circumstances and wishes, balancing that in opposition to the financial state of affairs. It’s a query of deciding methods to save or make investments and the kinds of merchandise which can be proper – from annuities to flexible-access drawdowns. There isn’t any one-size-fits-all. Individuals want recommendation tailor-made to their state of affairs.

“For that reason, it’s essential the Authorities works to enhance entry to unbiased monetary recommendation, making certain individuals perceive recommendation is for all and never simply the rich. Doing so will forestall savers making rash or dangerous choices involving their retirement funds in an effort to counter inflation, as an alternative main them to the comfy, safe retirement they deserve.”

Opinium surveyed 2,000 UK adults on-line between 29 July and a pair of August. Of the respondents 788 had been age 40 or above and in full-time or part-time work, with an additional 466 having retired.