UK | As many as 1 in 10 will delay retirement

As many as one in ten Britons planning to retire this year will delay their exit from the workplace, research revealed.

Some 68% of those planning to postpone their retirement based the decision on financial pressures making it difficult for them to afford being out of employment, the Prudential Class of 2012 study showed.

However, a further 32% of respondents said they did not want to retire this year, which is why they are planning to remain in the workplace for longer.

Prudential’s Retirement Income Expert Vince Smith-Hughes said: “People are living longer, and for many, the very real prospect of a 30-year retirement is either unpalatable or unaffordable.

“Saving as much as you can as early as you can will help you gain more control over your retirement.”

The study, which is in its fifth year, showed that the average age Britons intend to enter retirement is 60, seven months younger than in 2010.

Meanwhile, recent research from MGM Advantage revealed retirees aged between 65 and 74 would need a collective £2.8 billion extra to achieve the same standard of living they enjoyed 12 months ago…

Source:

Read More @ Retirement News – Prudential UK.