In order to successfully plan for retirement, it is important to have a specific target date in mind.
New research from Baring Asset Management has found that we plan to retire later or in some cases not at all.
The number of people planning to retire between the ages of 66 and 70 has doubled to one in ten since last year as people aim to retire later in life.
3.5 million people, which is 10% of the working population, have no plans to stop working and retire.
A further 36% want to retire but have no idea when they will be able to afford to stop working.
Having a target retirement date is important to enable you to form a robust financial plan. It provides a target date for accumulating sufficient retirement funds and a date on which to focus your pension investment strategies.
Without a clear retirement date in mind, it is all too easy to allow retirement planning to drift, with other financial objectives becoming a priority and the ability to retire gradually slipping away.
Photo credit: Flickr/grantlairdjr
