Work up to 70? - Youíve got to be kidding!

52% of UK workers expect to retire by the time they reach 60, according to the latest poll from high street recruitment company Select Appointments. Of the 1,350 people polled a further 25% are looking to retire by the age of 65.

This is in spite of recent government plans to overhaul the welfare state to reward older people who postpone their retirement. Those who defer drawing their state pension for five years could receive a lump sum of between 20,000 and 30,000 or an increase of 50% to their weekly pension for life.

Bill Dykes, Select Appointments said: Retirement is often looked forward to as a reward for hard work. This is reflected by the fact that 30% of those polled want to retire before they are 55. However, if employees are serious about wanting to retire early they face increased pressure to amass a sufficient pension to support them in later life.

This can be viewed as an opportunity by businesses looking to attract employees - particularly where there are skills shortages. Companies that are willing to offer contributions to pensions or other savings schemes, which can help facilitate the idea of early retirement, are in a strengthened position to attract high calibre candidates. Early retirement is a great idea, but people need to be realistic when it comes to making provisions for the future.