Brits expect to work an extra two years before retiring because of Covid’s economic impact

BRITS expect to work an extra two years before retiring because of Covid’s financial impact, a study shows.

It has bumped the average retirement age from 64 to 66.

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But a financial advice guru warns it could actually be longer.

Neil Moles, CEO of Progeny, said: “Our study shows people expect to work for up to two years more.

“But we could be looking at three, four or more years longer than this for many people. 

“If it takes 35 years to pay off the Covid debt, those aged 18 to 30 could spend the majority of their working life contributing to this through taxation.” 

“Our survey indicated that 71% of people expect a rise in income tax and two thirds said we’d see a rise in Capital Gains Tax and National Insurance

“While I believe we will see tax rises and the introduction of new tax
rises, what people need to be aware of now is the speed that these taxes will
hit us.

"Taxes will change and at a faster pace so the need to take financial
advice will be more frequent.

"People need to keep ahead of these changes and make sure their finances are fit for purpose.” 

Almost half of self-employed and 34 per cent of full-time staff said they are worse off, while 42 per cent worry about supporting their family financially.

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