A new report by Friends Provident suggests that people in the UK expect to work beyond the new default retirement age of 66, with 40% saying they plan to work past the age of 70.
The report, Visions of Britain 2020: Ageing and Retirement, polled 1200 individuals across the UK to take the temperature of the nation and gauge its views towards retirement. When asked at what age they think they will retire, it was found that the average worker expected to retire at 67. When asked what age they would like to retire, the average response was 62.
With the planned changes to the retirement age, and reports such as this one, it is now becoming urgent for insurers of health, life, critical illness and investment products to remove age restrictions on when people can take up cover, when cover ceases, and expected retirement ages.