Home Financial Planning 38% of under-35s anticipate to retire by 60

38% of under-35s anticipate to retire by 60

38% of under-35s anticipate to retire by 60


A brand new survey has revealed that many under-35s have an unrealistic expectation of when they may have the ability to afford to retire, with many anticipating to give up work by 60.

The survey of 4,000 UK adults by Royal London discovered that many youthful adults have solely a dim plan of retirement revenue wants.

The survey discovered:

  • Two-fifth (38%) of adults below 35 plan to cease working by 60
  • Below-35s plan to retire six years forward of present state pension qualification (usually 67), with a median retirement age deliberate of 61.8
  • Solely 1 / 4 (27%) have labored out how a lot they should reside on in retirement

Seven in ten (73%) under-35s confessed they haven’t labored out how a lot they might want to retire.


Royal London says that with pension savers anticipated to reside for 3 a long time previous age 60, under-35s will not be real looking about how a lot they should save or after they can retire.

In distinction, older pension savers aged 50-69 didn’t anticipate to retire till age 65.4 on common.

Analysis from the Pensions and Lifetime Financial savings Affiliation (PLSA) suggests {that a} single particular person will want £13,000 a yr to realize the minimal dwelling normal, £23,000 for reasonable retirement and £37,000 a yr for a cushty lifestyle, excluding housing prices.

Royal London’s analysis discovered that, on common, these below 35 age predict they may want £1,086 per thirty days in retirement – an quantity that would supply solely a minimal lifestyle and could be largely lined by the State Pension, which is presently £886 a month.



Age group surveyed

When do you intend to retire?










Common age of deliberate retirement




How a lot per thirty days do you anticipate you will have to reside on in retirement?




 Supply: Royal London survey June 2023

Royal London factors out that any hire or mortgage prices will dramatically influence month-to-month prices if under-35s retire with out having paid off their mortgage or are nonetheless renting.

Clare Moffat, pensions skilled at Royal London, mentioned: “Being so far-off from retirement, the youthful era have an optimistic view of after they’ll have the ability to quit work however there’s a vital hole between expectations and retirement actuality.

“Two-fifths of youthful adults don’t plan to work past 60 years of age, though they will not qualify for a State Pension till a lot later, and that poses severe questions on how they may fund the kind of way of life they need to take pleasure in after they’re older.”

• Royal London commissioned a survey by Opinium carried out between 23 and 27 June with a pattern of 4,000 nationally-representative UK adults.



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