Warning to anyone hoping to retire before 66

A warning has been issued to Brits hoping to retire before the age of 66. According to a new study, the retirement "expectation" gap has widened once again with the average person now continuing to work for five years longer than they planned.

According to a recent study by Standard Life, the gap between when Brits want to retire and when they will actually stop working rose from four to five years last year. Workers now believe they won't be able to stop working until they reach 67 rather than 66. The number has increased for a number of reasons, including pension uncertainty and the ongoing cost of living crisis.

As reported by Money Marketing, Catherine Foot, director of the Standard Life Centre for the Future of Retirement, said: "Those facing a gap between their retirement hopes and expectations can take meaningful steps to narrow it with the right support, however advice and guidance plays a crucial role here too - from encouraging people to plan earlier and save more consistently if they can, to helping people find ways to manage financially in the years before the state pension begins."

The study, which included opinions from 6,000 people across the UK, showed that the average preferred retirement age for Brits is 62. However, most people actually expect to retire at 67 with only 30% of adults believing they currently live comfortable.

Meanwhile, over half of the Brits in the study are worried they aren't saving enough money for retirement. Just 15% prioritise their pension savings with 47% feeling their retirement finances are outside their control.

The government has dismissed proposals to drop the State Pension age to 60 and increase payments to £586 per week. It comes after an online petition, which was signed by over 18,800 people, was posted on the Petitions Parliament website.

In a written response to the petition, the Department for Work and Pensions (DWP) said: "The Government is committed to supporting current and future generations of pensioners and giving them the dignity and security they deserve in retirement.

"Our commitment to the Triple Lock through this Parliament will benefit over 12 million pensioners. From the end of this Parliament, spending on the State Pension as a result of our commitment to protect the Triple Lock is forecast to be around £31billion more a year, compared with 2024/25."

However, according to the Standard Life study, less than 30% of people think the triple lock will be in place when they reach retirement age. Just over 50% think that the state pension will still be available for all by the time they retire, as it is currently.