Latest Retirement Statistics From Barings. Although not a survey specifically for doctors, the new findings do represent a definite trend towards extended working and lack of a coherent retirement planning strategy across the UK general public.
Some of the statistics from the survey are as follows:
- 14% of 'non-retired' people do not plan to retire
- 34% of 'non-retired' people do not know when they plan to retire
- 30% of people still in work after aged 65 are still uncertain about when they will retire
- The average age people expect to want to retire is 63. However for people still working aged over 65, the average expected retirement age is 70
- 25% of men have no pension at all but 40% of women have a pension
There is a definite trend towards extended working. The latest National Statistics Labour Market numbers show 1,091,000 in employment over the age of 65 which is 10% of the total population aged over 65. This comes at a time when of course the 2015 NHS Pension Scheme is looming with its extended Normal Retirement Age linked with State Pension Age and the forth-coming Choice 2 exercise which will give members the opportunity to move into the 2008 Section which has a Normal Retirement Age of 65.
Of course much depends on your own individual situation and how you are enjoying work as a medic and what your individual retirement plans are.
If you would like us to help you through the retirement mine-field and provide some clarity for your retirement plans please do get in touch.
Contact firstname.lastname@example.org or telephone 0117 966 5699.