One in five (19%) or 1.9 million workers over-50 are juggling their children's or parents' financial needs with their own retirement prospects and so face pressure to work for longer, research by Aviva suggests.
According to the insurer's latest Real Retirement Report, more than a third (36%) of over-50s with dependants said they would retire later than they expected because their children were still financially dependant on them. Nearly a quarter of over-50s with financial dependants (22%) said they had sacrificed their ability to save for a more comfortable retirement to support their adult children, while 12% had stopped saving completely to support their children and/or parents. Almost a third (32%) said their adult children's financial needs were the only reason theyy were still working,...
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