A quarter of people in the UK are being forced to delay their retirement due to the ongoing economic downturn, it has been claimed.
According to research by Life Trust, Britons are now seeing the value of their pensions shrink while their other investments also fall, forcing many to deny their dreams of an early retirement.
One in ten workers said they will now have remain in employment for a further five years from the date they originally intended to leave, while eight per cent expected to delay their retirement plans for two to four years.
Furthermore, one per cent said they would be holding off retiring for another 12 months.
Andy Briscoe, chief executive officer of Life Trust, said: "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. "
Meanwhile, the Liberal Democrats have stated that the government needs to look carefully at the rules on pension scheme funding levels to make sure that otherwise viable businesses "are not forced to the wall" because of short-term pressures on their pension funds.
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