Britain's over 50s are increasingly struggling to maintain the level of savings needed to fund a comfortable retirement lifestyle, with many pushing back their retirement date, according to the State of Retirement Report.
The annual survey, commissioned by LV=, reveals nearly 70% of over 50-year-olds yet to retire are more concerned about their retirement prospects than a year ago. Alongside the increased number of people experiencing retirement income concerns (ERICs), just 7% of the 1,500 over 50s surveyed have been able to boost their level of long-term savings. Furthermore, the financial pressure of the recession has forced a fifth of over 50s yet to retire to slash the amount they are setting aside for retirement by an average of £137 a month. The economic downturn has already significantly den...
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