November 2024

A third of Gen X think they will never retire

Recently released research12 suggests a significant proportion of working age people are no longer planning a traditional ‘hard stop’ retirement, with 45 to 54-year-olds most likely to feel they will continue working beyond pensionable age.

Work work work

According to the survey, more than a fifth of working age adults think it unlikely they will ever completely retire, with those across the 25 to 54-year-old age bracket most likely to hold this view. This was particularly true for Gen X respondents, with almost a third of 45 to 54-year-olds saying they expect to carry on working. There was also a notable gender disparity, with only a third of women thinking they would completely retire compared to almost half of their male counterparts.

Retirement uncertainty

Financial considerations are inevitably a factor for many, particularly those in their 40s and 50s. The so-called sandwich generation can find themselves caring for both elderly parents and children, as well as having to provide for their own needs. Additionally, this group falls between the generations that benefitted from final salary pensions and younger ones reaping the full rewards of auto-enrolment. For Gen Xs, retirement can therefore appear close enough to consider yet too distant to have any certainty over.

Control your future

These findings undoubtedly highlight a shift in attitudes, with the concept of a ‘hard stop’ retirement increasingly being consigned to history. This could also partly reflect the fact that today’s workers can exert a higher degree of control over their retirement plans, with savers enjoying greater freedom over when and how to use pension savings, including the ability to set funds aside to help loved ones. So, if you want to take control of your financial future, get in touch and we’ll help you consider the full picture and plan a retirement that’s just right for you.
12Aviva, 2024

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.