Older people aged over 55 in UK ‘can’t afford to retire’ | UK | News
Britons are considering delaying their retirement due to financial stress, a report has shown. Of those 55-year-olds who plan to work beyond retirement age, 37% say they would do so because they need the income to get by in retirement. This is the second-highest proportion in the G7, according to a study by Fidelity. Additionally, three in ten of the UK’s over-55s describe their retirement planning as poor, compared with 12% in the US. Marianna Hunt, Personal Finance Specialist, Fidelity International, said: “Retirement planning needs to start earlier and prepare people for the possibility that their working lives don’t go exactly to plan. A redundancy, health problem or fall in earnings in your 50s can have a significant impact on your retirement finances.” The report also found that the UK ranks last in G7 for supporting longer working lives. Hunt has stressed the need to “understand how well different countries actually support people to remain in rewarding work later in life”. She said: “What we found is that no country has completely solved the challenge …









