According to a survey by the National Institute on Ageing, many people in their fifties will have to rethink their retirement plans, feeling that they haven’t saved enough to stop working at the desired time. In fact, about four in ten people (39%) say that they are not in a financial position to retire, while only three in ten (35%) feel that they can afford to do so. 

Three main reasons are given: the rapid increase in the cost of living, fear of a future reduction in government benefits, and the cost of medical and long-term care as one ages. The report also notes that only one out of three people now has access to an employer pension plan, versus one out of two in the 1970s. This means that many people are more dependent on their personal savings, a challenge that keeps growing as life expectancy increases. People need to ensure that they won’t outlive their savings.