Recession rocks hopes of retiring

The recession has led to a sharp fall in the number of people who feel financially prepared for retirement.
By The Newsroom
Published 20th Aug 2010, 20:52 BST
Updated 20th Aug 2010, 20:53 BST

Only 5 per cent of people aged 55 and over who were still working said they had full confidence in their retirement plans, compared with 39 per cent in 2008, according to retirement specialist MGM Advantage.

Instead 21 per cent of people admit they do not feel at all prepared for when they give up work.

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The poll also found that more than a third of people who are already aged 65 or over and have not yet retired expect to continue working until they are 71 years old, with 9 per cent expecting to continue in employment beyond their 80th birthday.

It also emerged that only 15 per cent of people have sought financial advice from a professional to help them plan for retirement, while 8 per cent have consulted their bank and 6 per cent have spoken to friends.

Craig Fazzini-Jones, director of MGM Advantage, said: "It is hugely worrying that so many people nearing retirement are unprepared for the financial implications of this stage of their lives.

"This lack of financial planning means that more people will have to work longer to ensure that they have an adequate income in retirement."