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A third of over 55s 'forced' to put off retirement

27 January 2010

One-third of the UK's over 55 population have been forced to put their retirement plans back as a result of the economic downturn, according to a new report.

The study from retirement advice firm MGM Advantage also revealed that 23 per cent of the over 55s now intend to work beyond the state retirement age of 65.

Ahead of a House of Lords meeting this week, MGM Advantage has now come out in support of calls to scrap the retirement age.

Craig Fazzini-Jones, the firm's director, said: "People want to work beyond the retirement age for all sorts of reasons - some because they have to financially, and some because they simply don't want to stop working.

"Either way, increased flexibility can only be a good thing."

Worries about being forced into retirement could leave many Britons contemplating joining schemes to supplement their pensions.

This could lead to a surge in the popularity of equity release programmes which can provide property owners with funds from the value of their homes.

Posted by Tom Papworth