The aim of flexible or gradual retirement is no more than "a mirage for millions" at current saving levels, according to Royal London director of policy Steve Webb - although he did flag up "an antidote to excessive working lives" in the shape of higher pension contributions.
The former pensions minister was discussing the Royal London report The 'mirage' of flexible retirement, which suggested many of those who plan to retire 'flexibly' - reducing their working hours in later life and topping up with pension income - could have to work on into their late seventies or later to achieve a decent standard of living in retirement. According to Webb (pictured), nearly four million workers - many in their 20s and 30s - are only saving at the minimum rates set by the government and so "cannot hope to ease their way gently into retirement in later life". However,...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
