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Half of workers unsure of when they can afford to retire

Over half of the working population do not know when they will be able to retire, a huge increase on last year, according to Barings’ research.

The number of people uncertain of their retirement has risen to 18.7 million or 53 per cent of the UK’s working population, compared with 368,000 last year.

Over two-thirds of working people over 65 say they have no idea when they will be able to start retirement while the total number of people looking to retire at 65 has halved in the past 12 months to 20 per cent. The number of people who expect to be able to retire before 70 has also halved from 32.7 million to 16.4 million.

Clayden Associates director Daniel Clayden says: “People are putting in what they can afford and are focusing on the more pressing issues in this current environment.”

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