Within the past year, the number of people being forced by inflation to delay retirement has at least doubled while many of these workers find they will need to work well into their late 60’s and maybe even beyond that. Unfortunately, many workers simply have no idea when they will be able to draw their pensions but certainly not as early as they had planned.
Whereas many people had planned on retiring before the age of 65, one in ten of those now say that they will need to wait to retire and draw pension until at least 66 and some even up through the age of 70. This is double the amount as last year and coincidentally, those wishing to draw pension between the ages of 56 and 60 has also significantly declined each year since the height of the recession. In 2008 that number was 31% but currently only 11% hope to retire early.
With the cost of living going up almost by the day, the hope for retiring early, or even at retirement age, is steadily declining. The workforce is therefore getting older which means that job availability will also be slower in opening up. At the moment, more than four in ten people believe that they will need to retire over age 61, which is again 11% higher than last year.
Women are seen as being some of the most uncertain. At the moment they can draw state pensions at age 60 but under new rules will slowly be on equal footing with men and will need to wait until 66 by the year 2020. If that isn’t bad enough, statistics show that almost 1/3 of a million women wait at least a year and a half before receiving pensions from the state.
Conversely, there are altogether too many people also being forced into retiring early because employment opportunities are not there for older working adults. In fact, the job market on the whole for any age group is not what it was even a year ago.