Retirement Reality Check Comes At 48

The reality of when we’ll be able to retire and how much we’ll need to save only hits home at age 48, according to research from rural insurer NFU Mutual.

The research also found that people approaching retirement age are pushing their plans back by an average of four years in order to re-assess their situation and figure out what is realistic.

Other findings include:

• one in 10 of those still working past the age of 55 don’t ever expect to be able to retire
• 64 per cent of people aged 18-24 have no pension or savings for later life
• 26 per cent people around the age of 48 are in the same situation.

Pension and retirement specialist at NFU Mutual, Steve Meredith, said:

“Whether you’re 18, 48 or 68 it’s absolutely never too early or too late to start making plans for later life. Any provision, no matter when made will give you a better range of choices.

“The sooner people start saving, the more choice they’ll have when the time comes to slow down or stop working entirely.”