Early retirement is becoming a ‘fantasy’ for millions of workers, experts warn.
Higher life expectancy, the demise of final salary pensions and a rising state pension age mean the number of people retiring before 65 has fallen by a quarter in just seven years.
Pensions experts are predicting ‘the death of early retirement’ as all but a lucky few will work into their 70s. In a bleak assessment, savings giant Aviva said that by 2035, almost no-one will give up work before the age of 65.
These predictions come from an article the Daily Mail: Death of early retirement
The Department for Work and Pensions has said hundreds of thousands of over-50s may have to go back to work
This is a wake-up call for everyone. It doesn’t matter how old you are, you will not be able to rely on the state providing you with a decent pension when you retire. You need to look at ways of creating a passive income.
We all have choices in life, and the choices and decisions we make will in the long term affect how we enter retirement. This will be based on our choice of career, health, family, even luck and so many other factors that we can not control.
Which is my point? How many of us have an idea of what our retirement will look like? Do we want to be one of the millions of workers who face an uncertain retirement? Or do we want to be in control of our own retirement plans?
Or are you so focused on today that you fail to plan for tomorrow? Tomorrow will come, trust me, time waits for no man or woman, so the sooner you face the fact that,
Consider this possibility. After retiring you may live for another 30 years, your choices and freedoms will depend not just on your health but also your disposable income which will be determined by your decisions today, next week, next month and next year and the next however many years.
So rather than just burying your head in the sand and hoping for the best, what can you do to try and protect yourself and your family from living on the breadline or dying at your desk without breaking the bank?