As many as 1.5 million Britons may never be able retire, only in part driven by the cost-of-living crisis, new analysis from Canada Life has revealed.
The findings showed more than a third (34%) of people’s retirement plans have altered as a consequence of the higher cost of living. This includes 26% of over-55s.
Of those who are yet to retire, a large percentage do not have firm plans in place. One in five (19%) of those aged 55 and over still have no plans at all, while a further 45% claim their plans are not detailed. Canada Life said a further one in 10 (10%) have never thought about planning for this point in their lives and do not intend to.
By contrast, for those who have put thought into their retirement, the average age to start doing so is 37, with men starting to think about it around age 35 and women age 39.
