Prudential notes pensions calculator pattern

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Prudential notes pensions calculator pattern

Thu 14th Apr 2011

More people are choosing to postpone their retirement in order to build up their pensions pot, according to a source from Prudential.

Vince Smith-Hughes, head of business development at the firm, suggested the abolition of the default retirement age and the fact that many people enjoy their jobs could also be fuelling the trend to stay in work.

Research by Prudential shows 38 per cent of savers who were due to retire this year have decided against it.

"The only realistic option for those who want to avoid having to delay their planned retirement is to start saving as much as they can as early as they can," noted Mr Smith-Hughes.

On average, people who were due to finish working this year had expected to retire at 62, but now believe they will continue in their job until they are 68, according to the company's report.

Last month, Prudential claimed 35 per cent of individuals retiring in 2011 will do so with an income below the poverty line.

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