Skip to content
ADVERTISEMENT
News

More than half want to retire by 60 but only 28% expect to, survey finds

Kickresume found that 60% expected personal savings and investments to help fund their retirement and 24% expected to rely on a government or state pension.

3 min read
Share
More than half want to retire by 60 but only 28% expect to, survey finds
ADVERTISEMENT

More than half (54%) of people want to retire by the age of 60, but only 28% believe they will be able to do so, according to research from Kickresume.

The survey of more than 1,000 people found that respondents want to retire at an average age of 58 but expect to do so at 62, while 14% believed they would still be working after the age of 70.

Finances emerged as a significant concern, with 60% expecting personal savings and investments to help fund their retirement and 24% expecting to rely on a government or state pension.

Some 23% expected property or rental income to contribute, while 22% cited business income and the same proportion expected to use a workplace pension.

One in five planned to continue working in some capacity, while 11% did not know how they would fund their retirement.

ADVERTISEMENT

The research found that 67% believed retiring would be harder for their generation than it was for their parents’ generation.

Confidence also varied by age.

Among those aged between 46 and 61, 30% reported low confidence in their ability to retire comfortably, compared with 35% who reported high confidence.

ADVERTISEMENT

A third (33%) of respondents estimated they would need at least £3,700 a month to retire comfortably, while 24% put the figure between £2,600 and £3,700.

In preparation for retirement, 47% said they were saving regularly, 44% were investing in the stock market and 39% were contributing to a pension plan.

ADVERTISEMENT

However, 13% said they were taking none of the measures included in the survey.

ADVERTISEMENT

When asked what would most help them prepare for retirement, 25% cited having a higher income now, followed by a more stable economy at 14% and a lower cost of living at 13%.

Cost of living pressures were also the most commonly cited retirement fear, at 31%, followed by running out of money at 29% and losing independence at 21%.

Peter Duris, CEO and co-founder of Kickresume, said: “We found that, on average, people wish they could retire at 58, but expect to retire at 62. 14% believe they’ll still be working at 70.

“The obstacle stopping people from retiring as early as they want to is money – when we asked what would most improve their chances of a comfortable retirement, the top answer by far was simply having more income now. And 60% are already expecting to rely on their own personal savings.

ADVERTISEMENT

“However, we were surprised to see that 13% aren’t doing anything at all to prepare – no saving, no investing, no pension contributions.

“That’s not a judgement on them at all. When times are tight, people have to prioritise paying for their immediate needs, putting their long-term plans on the back burner.”

Related