One in four Britons will delay their retirement as a result of the economic downturn, research from Life Trust suggests.
The firm says its research shows early retirement is becoming an 'unaffordable luxury' for many due to the faltering economy and rapidly increasing longevity.
Life Trust's survey of more than 2,000 British workers found 23% will have to delay their planned retirement as they can no longer afford it.
More than one in ten say they will delay their retirement by up to five years, with a further 8% planning to work for an extra two to four years because of the recession.
The number rise for those already approaching retirement, with 41% of over 55s claiming they have delayed their retirement, and 15% saying they will work for an extra five years or more.
"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," says Life Trust's CEO, Andy Briscoe.
Life Trust's 'Cost of Retirement' report suggests the early years of retirement can be the most expensive, costing up to £373,300 between the ages of 50 and 65, and the downturn in asset values mean many workers simply cannot afford early retirement.
"This is all the more reason for people to understand the true cost of retirement and look at all the options that are available to them for financing their later years," adds Briscoe.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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