Fewer than half of UK workers in their 60s feel ready to retire, raising questions about the support available to older employees.
Only four in ten (41 percent) working people aged 60-69 said they felt prepared for retirement, according to a study by retirement specialist Just Group, while 36 percent said they did not. The rest were unsure.
With more than three million people aged 60-69 still in work, this means millions could be entering later life without confidence in their financial or practical plans.
The findings highlight the importance of targeted pre-retirement support. With more staff working beyond state pension age, HR professionals face growing pressure to provide guidance that helps older workers plan with confidence and make informed choices about life after work.
Among 60-64-year-olds who had not yet retired, 39 percent said they felt prepared while 38 percent did not. In the 65-69 bracket, 45 percent said they felt ready, but 31 percent said the opposite.
Stephen Lowe, group communications director at Just Group, said: “There are more than three million working people aged between 60-69 in the UK and our figures suggest that at best a million feel prepared for the step into retirement. There’s a clear split between those who are approaching retirement with confidence and those who don’t feel prepared, plus a significant minority in the middle unable to answer one way or the other.”
The research also revealed gaps in pension provision. Three-quarters of this demographic have some form of workplace pension, 45 percent hold defined contribution schemes compared with 39 percent in defined benefit. However, 17 percent have never had a workplace pension and 10 percent are unsure.
Lowe said decisions around when to stop work and how to take pension income can be “daunting” and warned many people feel “unsupported or unsure where to start”. He pointed to employer schemes, regulated advice and the free government-backed Pension Wise service as valuable sources of help.
“Forward-thinking employers and pension companies are putting more resources into place to help people in the run-up to and at retirement,” Lowe added. “It’s important that people recognise the value of the support that is available and take advantage of it.”
