Ten per cent of the working population do not plan to retire at all, reports Baring Asset Management (Barings) in new research.

In addition to the around 3.5 million people who have no plans to retire, 42 per cent (15 million) non-retired UK adults are not able to say at what age they plan to retire. In 2008, 100 per cent of people were confident that they would retire, and only one per cent were unsure at what age this would be.

Those aged 65 and over are hardest hit, with 36 per cent not planning to retire; 15 per cent of 55 to 64 year olds are in the same position.

Barings’ study also showed that almost 100,000 people who are yet to retire do not plan to stop working until they are at least 76 years old, and 2.3 million Brits do not plan to stop working until they are over 65, compared to 1.9 million last year.

“Our research shows that, for a large number of people, the ability to retire is now uncertain,” commented Marino Valensise, chief investment officer at Barings. “A combination of increased longevity, a rise in the cost of living, and people not saving enough means that more people are being forced to work beyond the age of 65. They simply can’t afford to stop working.

“For those approaching retirement, it is a difficult backdrop, with economic uncertainty still rumbling across all markets. People have worked hard for retirement and a few extra decisions, such as taking professional financial advice and ensuring their investment portfolios are correctly positioned, could make all the difference.”

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