The Working Late report commissioned by Wealth Wizards and carried out by the Centre of Economics and Business Research (CEBR) – which polled 1,000 workers and 500 companies – showed that 86 per cent of employees want to retire at or before the age of 65.

However, two thirds of the respondents stated they do not have enough pension savings, and worry that they are unable to retire at this age.

The average age that workers believe they will be able to retire at is 69.

According to the study, an ageing workforce unable to retire could cost UK employers up to £7.4bn in additional wage costs every year.

 

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