Recession quashing retirement dreams of 2 million Brits, LV= finds

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Recession quashing retirement dreams of 2 million Brits, LV= finds

Wed 15th Jul 2009

The recession is putting a halt to the retirement plans of two million Britons, according to the pensions and insurance organisation LV=.

LV='s latest State of Retirement report shows that 69 per cent of over-50s in the UK are more worries about their retirement prospects than they were this time last year.

It also found that 20 per cent have been forced to reduce the amount of money they are setting aside for their retirement due to the pressures of the recession. A further 25 per cent said that they have no idea exactly when they will be able to stop working for good.

"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," said Mike Rogers, group chief executive for LV=.

Meanwhile, increasing numbers of pensioners are choosing to work through their retirement, according to research conducted last month by Key Retirement Solutions.

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