By John Collett
The retirement years of many people are not as “golden” as is commonly believed, with 40 per cent of retirees saying they have been forced into retirement due to redundancy or illness before they were financially ready.
A survey by Mercer reveals a significant gap between expectations and the reality of retirement. Most people are retiring close to the age of 60, with only 3 per cent retiring at 70 or older. That is despite older people saying they want to work for longer.
“Our research shows uncontrollable triggers can derail the best laid plans for retirement,” says David Anderson, Mercer’s managing director.
He says we are living longer but retiring earlier than we expect to, which means more years to fund in retirement and fewer working years to save for it.
While the Mercer research does not break down the experiences of retirees by their previous occupations, it is well known that those in some occupations are hit particularly hard by enforced early retirement.
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