Credit crunch delays retirement for UK workers

| January 15, 2009 | 0 Comments
Credit crunch delays retirement for UK workers

Nearly a quarter of UK workers expect that their retirement will be delayed because of the credit crunch.

A survey of over 2,000 working adults by insurance provider Life Trust found 12% are considering putting off retirement for five years, 8% expect a delay of two to four years, whilst 3% will be forced to work an extra year.

For workers close to retirement, the percentages are even higher.

More than 40% of over 55s say they will have to postpone retirement by a year or more.

Fifteen per cent in this age group expect to work for at least an extra five years.

Retirement is becoming an ‘unaffordable luxury’ for many because of the credit crunch and longer life expectancy, Life Trust said.

Someone who is 55 today has a one in four chance of living to 95, and a one in ten chance of making it to 100.

Life Trust chief executive Andy Briscoe said the economic climate coupled with longer life expectancy give all the more reason for people to ‘understand the true cost of retirement’.

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