Life Trust: Brits putting off retirement due to credit crunch

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Life Trust: Brits putting off retirement due to credit crunch

Wed 14th Jan 2009

Life Trust has conducted research which reveals that many Brits are putting off their retirement by years as the credit crunch is reducing the value of their savings accounts and property investments.

The pensions and life insurance provider found that 12 per cent of working adults in the UK are considering putting off their retirement by as much as five years, while eight per cent expect to delay it by two to four years.

A further three per cent will have to retire a year later than they originally planned.

Among the population currently approaching retirement age, the proportions are higher. Over 40 per cent of over-55s say they will have to delay their retirement by a year or more.

Life Trust's chief executive Andy Briscoe said: "Retiring early is a privilege that was, until very recently, an ambition for many people. However, with worsening economic conditions coupled with increasing life spans this is now something fewer people are able to afford."

Recently Age Concern called upon the government to launch economic initiatives specifically targeted at retirees as they are being hit particularly hard by the recession.

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