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Retirement comes too soon

Most people who have retired wish they had worked longer, according to a national survey, and Dyke Yaxley's Martyn Bramwell is urging anyone thinking about retirement to explore all their options before making the big decision.  It is crucial to take expert advice on personal financial planning before deciding to leave the world of work. 

"The study carried out by SunLife showed that 80% of retirees wished they had worked for longer - that's four out of every five people.

"Out of 50,000 people surveyed, 85% of those over the age of 50 said they had retired too early, and that increased to 88% of those people over 80.

"The majority of retired or semi-retired people said they did so probably two-and-a-half years too early, while those over 70 said they and retired three years too soon."

Martyn said proper planning was vital if retirees were to be able to enjoy a stable and comfortable retirement, to ensure their finances were in the very best possible shape.

"Some of those people who have retired may be receiving income through the state pension - the current state pension age is 62 and 65 for women, and 65 for men.

"But changes are due to come into force from 2019, as the state pension age will rise to 66 for men and women by 2020.

"This means retirees should be planning ahead to prepare for their retirement, rather than just expecting the state pension to provide for their needs."

The SunLife survey showed that people aged 50 and over felt ten years younger mentally and almost four years younger physically.

Ian Atkinson, for SunLife said: "Far from being 'over the hill', people in their 50s, 60s and 70s, are feeling fit, healthy and sharp, which could explain why so many feel they gave up work too early and why so many are starting new careers.

"In fact, around 18% of retirees are earning additional income through other channels such as starting their own business, selling items online, renting out a property or private tutoring.  People over 50 certainly don't feel old and are not prepared to stop doing what they want to do just because of their age."

Dyke Yaxley's Martyn Bramwell