Retirement no done deal

A new survey has found that one in seven of us do not have an idea of when they get to retire, and a third aged 45 and 64 are unsure about when they will be able to stop working.

Retiring at 65 is anything but a done deal it seems, with one of every ten planning to draw their pension between the ages of 66 and 70, according to the study by Baring Asset Management.

And the amount of people banking on taking early retirement between the ages of 56 and 60 is in terminal decline, falling from 31 percent in 2008 to 11 percent this year. Nearly half now intend to retire after the age of 61, an increase of 11 percent from last year.

So it all spells more work and less play. Experts have put the blame at the door of people burying their heads in the sand over the thorny issue of pensions.

Marino Valensise, chief investment officer at Barings, hit the nail on the head when he said: 'The outlook for those planning their retirement is very uncertain.

'We have seen the cost of living continue to rise, making retirement more expensive.'

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