RISING COSTS PUSHING BACK RETIREMENT FOR 83% OF US | James Watts-Lay

Podcast Radio Business Interviews

Jonathan Watts-Lay from WEALTH at work, talks to Clayton M. Coke of Podcast Radio Business to discuss the impact of the cost-of-living crisis on our retirement savings as a third of us say we will never be able to afford to retire because of increasing costs, and with food prices soaring, interest rates rising and energy costs remaining high, 83% are concerned we will have to work longer and postpone our retirement.

Indeed, about one in eight (13%) say rising costs mean they have either stopped or reduced the amount they pay into their pension, which could have serious implications for the future, while 29% admit with bills rising they may consider stopping payments in the future - this will be of particular concern especially when lower fixed rate mortgage deals end and if inflation fails to fall as quickly as initially thought.

Furthermore, one in ten of those eligible to access their pensions have withdrawn their savings earlier than previously intended to supplement their income with 31% either intending or considering to do so in the future.

Jonathan Watts-Lay, from financial wellbeing and retirement specialists, WEALTH at work, explains what this could mean for a generation of workers who may stop contributing and give thoughts on how to balance your finances to make retirement a realistic possibility.

WEALTH at Work provides financial education programmes, guidance on savings and pension schemes,regulated financial advice, and schemes such as salary advancement and salary sacrifice, to organisations in both the public and private sector.