Extra 11 Years Of Work For Half Of Over 50's
|A new report produced by the Pensions Policy Institute (PPI) has said that nearly half of people aged over 50 will have to work and save for 11 years beyond state pension age to keep their standard of living.
The PPI said those who were not able to carry on working would be at a big disadvantage.
It suggested pensioners would need at least £211 a week, or £303 for a couple, for a minimal acceptable standard of living at pension age.
It found that 85% of over-50s in work had enough pension to reach that level. This came from their potential state and private pension provision, the research group said.
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For many it will mean a sharp worsening in their lifestyles, partly because private pensions have not lived up to what might have been expected.
To maintain their current standard of living, on around two-thirds of the income they were used to, 5% would have to work and save for another six years after pension age and some 45% would have to carry on in jobs another 11 years, taking them to 77 years of age.
"This demonstrates that many people need to start saving more today, if they want to avoid having to work much longer than they planned and want to have an adequate retirement income in the future," said Niki Cleal, director of the Institute.
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