Over half of mid-lifers have never calculated when they can afford to retire

  • More than half (53%) of those in their mid-life have never calculated when they can afford to retire and 3 in 5 (61%) have never requested a free state pension forecast.
  • Almost a third (29%) of those in their mid-life agree that confidence in their health and wellbeing has worsened since the beginning of the pandemic.

Over half (53%) of people in their mid-life have never calculated when they can afford to retire1 according to latest research from Aviva.

At the same time, almost a third (29%) of those in their mid-life agree that confidence in their health and wellbeing has worsened since the beginning of the pandemic and one in five (19%) of those say their work-life balance and job security has worsened. More than a third (34%) say that they are unhappy with their sleep and more than a quarter say they are unhappy with their mental health (26%), while more than 3 in 10 (32%) are unhappy with their physical health.

Despite the breadth of challenges those in their mid-life face, little action is being taken to safeguard and improve personal finances, health and wellbeing. More than half (52%) of this age group have never calculated when they can afford to retire and three in five (61%) have never requested a free state pension forecast.

Alistair McQueen, Head of Savings and Retirement at Aviva, comments:

“Much of the debate surrounding Covid-19 has focused on the needs of the youngest and oldest in society and there’s a risk that we overlook the millions in between. Before Covid-19 struck, 45-60 was the fastest growing age group of workers in the UK – bringing huge experience, skill and potential to the labour market. However, this age group is also the most likely to be overburdened with wealth, work and wellbeing concerns. Those in mid-life are a resilient age-group, juggling a fuller working life, planning for retirement and contemplating the health implications that come with living longer.”

Source: https://www.aviva.com/newsroom/news-releases/2020/10/over-half-of-mid-lifers-have-never-calculated-when-they-can-afford-to-retire/

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