One in ten older people delaying retirement this year

More than one in ten people who were planning to retire this year have changed their plans, research has revealed.

It was found that just over 10% of those who had planned on retirement this year are now deciding to delay drawing their pension.

The news comes as the Bank of England revealed recently that it is increasing its programme of Quantitative Easing (QE), in what some have called an assault on pensions.

ìBy pushing interest rates lower, QE is proving a killer blow to the pension hopes of millions of people,î said Simon Rose, from pressure group Save Our Savers.

Of those who are no longer planning to retire this year, more than two thirds decided against it because they canít afford to retire as early as originally planned.

Vince Smith-Hughes is a retirement income expert at Prudential, which has conducted its fifth annual retirement report.
He said: ìOne thing this year’s retirees have in common is actively making choices about when and how they will retire. Although many people think the idea of retiring as early as 60 is out-dated, the majority of this year’s retirees are defiantly sticking to that plan.

It was found that retiring before growing too old is still an aspiration for the majority, with the average age still 60 ñ seven months younger than in 2010.

ìIt is, however, undeniable that there is a new retirement reality for a significant number of retirees,î added Mr Smith-Hughes.

ìPeople are living longer, and for many, the very real prospect of a thirty year retirement is either unpalatable or unaffordable, hence the decision by many to continue to work. Retirement is also becoming a more opaque concept, with many people working part-time, either out of necessity or desire.î

If you are planning on retiring in the near future, you can compare pension plans with Money Expert.

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