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42% of over 50s unclear of retirement income, says Aegon

Forty-two per cent of 50 to 65 year-olds say they have no clear idea of what income they will have in retirement, according to research by Aegon.

A third say they are relying on their pension alone with no other savings or investments and only 29 per cent say they intend to stop working when they reach retirement age.

Aegon surveyed over 2,000 people between the ages of 50 and 65 to gauge their attitudes towards retirement and to see what sort of financial provision they have in place.

The survey reveals that 61 per cent expect to carry on working in some capacity after they reach retirement age or pursue further education or charity work.

More than one in ten say love of the job make them want to stay in the work force and 14 per cent argue that they are too young to retire. Twelve per cent say they would like to try out a completely different career in their retirement.

According to the research 86 per cent say they would at least “get by” financially if they were to stop working at retirement age.

Running out of money in retirement is a concern for 22 per cent of people questioned.

Aegon head of pensions development Rachel Vahey says: “Retirement isn’t the abrupt cliff edge it once was and for many of today’s baby boomers retirement age marks a new and exciting chapter of their lives. But if you want to make adventurous life choices and have a more flexible approach to retirement you have to know what income you’re on track to receive and plan carefully.”

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