Retirement reality check needed

UK managers are living in denial and need a reality check on their own planned retirement ages, according to new research.

A joint survey by the Chartered Management Institute (CMI) and the Chartered Institute of Personnel and Development (CIPD) says that eight out of 10 respondents thought they would retire by the age of 65.

However, only 35% of the 2,682 managers and HR staff surveyed for Creating a new age for all, say that everyone else would be so fortunate. Instead, 52% believe the average retirement age will be between 66 and 70. One in 10 believes the average age of retirement will be over 70 when they come to retire.

Dianah Worman, diversity adviser at the CIPD, said the case for later retirement was starting to be heard, but it had not yet affected how people assessed their own prospects.

“We need to make people more realistic about the future and start looking at their own careers,” she said.

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