Lack of preparation for retirement ''hugely concerning''
26 August 2009
Around 1.85 million people in Britain have been forced to delay their retirement because of the recession.
That is the result of a survey commissioned by MGM Advantage, which found 35 per cent of respondents were either saving or waiting for more healthy stock prices in order to re-establish a liveable retirement nest egg.
According to the study, which garnered the opinion of 2,053 British adults, 23 per cent of over 55s now plan to work past the statutory retirement age as a consequence of the recession.
Director of MGM Advantage Craig Fazzini-Jones said: "One of the most worrying consequences of the economic turmoil is the knock-on effect for those approaching retirement. Millions of people nearing the end of their working life have been forced to slog it out for a few more years to see if their pension pots will make any kind of recovery.
"It is hugely concerning that so many people are so unprepared for retirement."
According to Aon consulting the minimum age that customers of pension schemes can retire is set to raise from 50 to 55 in April 2010.
By Christian James
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