Friday, January 22, 2016
Retirement - the expectation and the reality - poles apart
This research from the US confirms my experience of working in the UK Ageing Business.
Lots of people say they expect to 'work until they drop' and still be bringing a wage packet well past the statutory retirement age. The reality is that they don't and often retire early than the statutory date.
Lots of people say they will find work once they retire. The reality is they don't. They might do some volunteering work but that is it as far as adding to their bank account is concerned.
The result of this mismatch is going to be most retirees not having anything like the levels of income they expect and need.
The result of this is that they will be forced to use their primary source of wealth (their house) to fund their retirement. Can I prove that will happen (no) do I know it will happen (you bet).
BUT, and never forget the 'but', there is and will remain a sizeable group, somewhere around 20% of the age cohort, that will have few problems financially and who should be the primary group being targeted by marketers. Dick Stroud