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News - 25 September 2012

Retired people to reach a record this year

A record number of people in Britain are retiring this year as the post-war “baby boom” generation draw their pensions, official figures show.

The first detailed analysis of returns from the 2011 census show that the overall number of people turning 65 this year has leapt by 30 per cent in a single year.

According to figures published on the website of the Office for National Statistics, there were 726,069 people aged 64 in England Wales last year when the national headcount was carried out.

That means that more than 169,000 more people have reached or are about to reach their 65th birthday this year than last.
With the population of the country steadily rising and life expectancy dramatically improving in recent decades, it means that there are more 65-year-olds in the UK than at any point in history.
Next year the rate will be similar with around 720,226 people due to reach state retirement age.

Research has shown that those approaching retirement anticipate an income of £17,000 from their savings, but the reality is that they will receive a sum closer to £10,000 leaving a worrying income gap.

Lavinia Newman, Founder of ABDS comments:
“This is very good news as long as we are able to take advantage of this but we know that a lot of people have not necessarily prepared enough. High-quality advice is required which addresses their housing, finance and care needs and makes best use of all the resources available to them, including equity release, state benefits, pensions and savings.”

If you need any help and advice on Retirement Planning, Inheritance tax, capital gains Tax, in settling an estate, or any Tax or VAT matter, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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