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Retirement

Longer retirements a worry



Pension numbers don’t add up says provider



10 Sep - 12:16

The ratio of years worked to years spent in retirement is diminishing to worrying levels, according to a report by a leading pensions provider.

A report by insurer Aviva suggests that people born in the mid-fifties or earlier will, on average, retire at 63 and live to 88, having spent 44 years earning wages. That works out to a ratio of just over seven years in employment for every four years spent retired, or 1.76:1.

Clive Bolton, the “at retirement” director for Aviva, described the equation as “very worrying” and said it “simply doesn’t add up.”  Furthermore, the equation is set to become even less favourable for the under-55s.

“Currently, the biggest income source for over 55s is the state pension but with longevity increasing, the government has acknowledged that it will need to review the way it provides later life financing,” Bolton said.
 
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