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Retirement dreams are shattered

People&#39s dreams of early retirement are fading fast with 10 per cent less expecting to retire before 60 than two years ago, according to research by Virgin Money.

It says the prospect of people retiring early in their 50s is diminishing as awareness of the cost dawns on many who are now putting back retirement plans to continue working into their 60s.

Virgin&#39s research found that just 27 per cent of respondents now plan to retire before 60 compared with 34 per cent in 2001 and 37 per cent in 2000.

More significantly, 13 per cent of people now say they do not plan to retire until after the normal retirement age of 65. This compares with just 5 per cent in 2001 and 9 per cent in 2000.

The survey also found that despite 49 per cent of respondents believing their current retirement provision would be enough to live on, 46 per cent claimed their current arrangements were not sufficient while 5 per cent did not know.

Marketing manager Gordon Maw says: “These are staggering figures which show that early retirement is becoming a pipedream for millions.

“People are living longer but news of falling stockmarkets, lower annuity rates and the closure of final-salary pension schemes are already affecting people&#39s perceptions of their own retirement.”


DWS looks to buy RAM to gain multi-manager service

DWS Investments has emerged as the early front-runner to buy Rothschild Asset Management after admitting it is interested in acquiring RAM&#39s multi-manager service.Managing director Michael Warren says DWS intends to take a close look buying the fund of funds business because it needs a multi-manager service to help it become a top 10 asset manager […]

Scottish Widows & Northern Rock offer combination bonds

Scottish Widows and Northern Rock are both offering combination products which consist of a guaranteed equity bond and a high interest account. The Scottish Widows guaranteed investment combination consists of a six-year guaranteed investment bond, which is linked to the FTSE 100 index and a high interest account called the term deposit account. This has […]

Land of our advisers

The judges for the IFA Woman of the Year award have deliberated, cogitated and digested and finally whittled down their list to five “superwomen”.These nominees are among the most qualified, successful women in the industry and there is a pattern emerging. The list shows some of the best financial advice in the UK is clearly […]

Derbyshire launches dual bond

Derbyshire Building Society is launching a dual bond this week which invests partly in a fixed rate bond and partly in a stockmarket-linked bond.The bond will invest 30 per cent in a fixed rate bond with an interest rate of 7 per cent per annum and 70 per cent in the society&#39s portfolio plan, which […]


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