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Traditional retirement 'impossible'

Nearly three-quarters of Britons think a traditional retirement will no longer be possible in the future, a survey has indicated.

Seven out of 10 people said they did not think it would be possible for future generations to stop work completely and live off their pension for 30 years, according to research carried out for BBC Newsnight.

Around 72% of people who are still in work also said they were worried that they would not have amassed sufficient funds to have the retirement they wanted when they were older.

Just over three-quarters of those questioned thought younger people would get a worse deal when it came to pensions than those currently approaching retirement, and 54% thought this was unfair.

The survey comes after the Government announced earlier this summer that it was planning to scrap the default retirement age, making it easier for people to work on past the age of 65.

It also plans to raise the age at which people can begin claiming their state pension more rapidly than the previous government had intended to.

But despite these changes, half of those questioned said they still expected to have retired by the time they were 66, with 18% expecting to have stopped working by 75.

Just 8% of people said they did not think they would ever retire.

Jeremy Black, professor of history at the University of Exeter, said younger people who had not yet retired were having to adjust to a "dramatic change in fortunes".

He said: "The relationship between the generations has been transformed. Whereas it used to be the case that up-and-coming generations tended to be more prosperous then their parents, now we're going be in reverse."


From Belfast Telegraph