British workers will have to work until they are 81 if they want to build up savings that guarantee their parents' standard of retirement, according to a new study by pension provider Royal London. Without significantly higher levels of engagement in pensions, the report concludes rather ominously, "we may be witnessing the death of retirement."
As AP reports,
The research released Wednesday comes as the British government embarks on a review of pensions that has prompted speculation it will raise the retirement age to compensate for a burgeoning older population. The retirement age for men and women is already set to rise to 66 between December 2018 and October 2020.
Royal London says changes in workplace pensions mean workers aren't saving enough to ensure they have the same kind of retirement their parents expected.
Royal London notes that changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. Unless today’s workers begin to save significantly more for their later life, many will find that the quality of later life enjoyed by their parents will be unattainable unless they work well beyond traditional retirement ages.
For many people, continuing to work to these much higher ages may simply be beyond their physical capability. Without significantly higher levels of engagement in pensions, we may be witnessing the ‘death of retirement’.
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