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Survey reveals retirement gap

Nine out of ten people believe they must work harder, save more and find additional funding for retirement, according to a survey by Just Retirement.

The research uses interviews with 119 adults aged 35 to 64 and reveals a seven-year differential between desired retirement age and people’s expected age of retirement.

It shows that 61 per cent believe that retirement age will be 70 or older in the next 20 years, and 68 per cent believe they have not paid in enough to their pension fund.

Government Actuary’s Department figures show that the life expectancy of a man aged 65 is 84 and a woman aged 60 is 87. Seventy-eight per cent believe they have little influence over life expectancy although 90 per cent recog- nise influential factors such as drugs, alcohol, smoking, diet and exercise.

Just Retirement marketing and product manager Nigel Barlow says: “That people feel they need to investigate all methods of providing for themselves financially, including using their home as an asset, or retiring later, points to a potential boost for the equity-release market and a resulting boost for advisers who see the broader picture in this area.”

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