Retirement dreams crushed by recession

| July 16, 2009 | 0 Comments
Retirement dreams crushed by recession

Two million Brits have had their dream of retirement crushed by the recession, according to research by LV=.

One in five (22%) of over 50s have had to delay their retirement date, LV= found, whilst a quarter (25%) have no clear idea of when they’ll be able to give up work.

Even where the recession has not entirely destroyed retirement plans, it has left many over 50s concerned for their future.

Seven in ten (69%) of those polled are more worried about their retirement prospects than a year ago.

LV= calls these people ERICs - people who are Experiencing Retirement Income Concerns.

Seven in ten ERICs are worried about how they’ll pay for food and utility bills during retirement.

Six in ten (61%) are concerned by how little their savings are growing due to low interest rates, while more than half (51%) feel anxious about how much their income will be reduced in retirement.

More than 5 million ERICs (56%) said the recession is a major cause of their income concerns.

“With a large majority of older workers more concerned than ever about when they will be able to retire and how much money they’ll have, it is vital they review their options,” said Mike Rogers, LV= chief executive.

“Already one in ten of the UK’s over 65s are not fully retired, and this figure could rise rapidly unless those nearing retirement take steps to increase their savings.”

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