People in the UK are planning to work longer in order to avoid financial difficulties, which could potentially include debt problems, in their post-work years.
This is according to MGM Advantage, which suggested that 35 per cent of over-55s who are still in jobs intend to continue in employment until beyond the statutory retirement age.
Such people have seen their pension funds negatively affected by the credit crunch, the firm claimed.
MGM Advantage also said that 32 per cent of over-55s are "not prepared at all" for retirement, while 35 per cent admitted to having done nothing to ready themselves for giving up work.
"It is hugely concerning that so many people are so unprepared for retirement. There is a definite need for those approaching retirement age to make the most of their pension pots," stated Craig Fazzini-Jones, director at MGM Advantage.
However, research conducted recently by National Savings and Investments showed that 63 per cent of consumers polled are more aware of their finances now as a result of the recession.
Friday 27 November 2009
Monday 16 November 2009
Pensioners 'may have financial troubles'
People in the UK may not have sufficient funds to support them during their post-work years, it has been claimed.
According to the Pensions Policy Institute (PPI), pensioners could run into financial difficulties - potentially including debt problems - and may not be able to meet all of their needs.
The organisation pointed out that for many pensioners, income is likely to decline during retirement relative to the incomes of the rest of the population.
PPI director Niki Cleal said: "Pensioners may not have sufficient resources to meet all of their extra needs in later life, such as to meet the additional costs of disability, widowhood or the need for long-term care and to maintain their desired standard of living."
Research conducted recently by Halifax found that 52 per cent of people polled did not pay into a pension, while 70 per cent overestimated what they will receive in state retirement funds.
According to the Pensions Policy Institute (PPI), pensioners could run into financial difficulties - potentially including debt problems - and may not be able to meet all of their needs.
The organisation pointed out that for many pensioners, income is likely to decline during retirement relative to the incomes of the rest of the population.
PPI director Niki Cleal said: "Pensioners may not have sufficient resources to meet all of their extra needs in later life, such as to meet the additional costs of disability, widowhood or the need for long-term care and to maintain their desired standard of living."
Research conducted recently by Halifax found that 52 per cent of people polled did not pay into a pension, while 70 per cent overestimated what they will receive in state retirement funds.
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