Recession 'raising retirement age'

More people face the prospect of working well past retirement age, according to new research that found many people over 55 have not saved enough to put their feet up at 65.

While most of us would like to think that we will be able to enjoy a lie-in, an extra holiday or spend more time with the grandchildren after hitting 65, a study by MGM Advantage suggests the recession may have put paid to those plans.

Figures in the study by the retirement specialist found only 5% of people over 55 who are still employed feel confident they have saved enough to retire on time. In 2008, before the recession took hold, that figure was 38%.

The survey also found that many people already over 65 admit they may have to work into their seventies, while 9% fear that they will not get to enjoy retirement until they turn 80.

Craig Fazzini-Jones, director of MGM Advantage, said the research also showed a worrying amount of people admit to a lack of financial planning, and said the implication was "more people will have to work longer to ensure that they have an adequate income in retirement".

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