A quarter of Britons to rely on inheritance to fund retirement
A quarter of Britons to rely on inheritance to fund retirement
The figures show the true extent of how badly prepared a significant proportion of the population is for their retirement.
The study by Standard Life found 24 per cent of people will use the windfall to provide them with an income in retirement while 23 per cent of women plan on using their partner’s income. The same percentage also plans to sell a property or use a rental income. There is some overlap in the choices, with Britons using more than one source to provide income in their retirement.
Relying on the state pension is one of the options for 76 per cent of Britons while 43 per cent will use investments outside of their pension. A total of 7 per cent of over 55s do not plan to retire even though they had been saving into a pension.
It comes after the Government announced it intends to overhaul Britain’s state pension, suggesting a new flat rate weekly state pension of £140.
John Lawson, head of pensions policy at Standard Life said: “Nearly half a million people in the UK over 55 are not planning to retire. This shows our attitudes towards retirement are changing, as people consider the implications of working and living longer than ever before. We know that many people want to continue working on their own terms, while some will want to start a new business or learn a new skill.”
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