Over 50s 'being forced to work longer by recession'

More and more over 50s are being forced to delay their retirement plans as a result of the recession, according to new research.

Statistics published by retirement finance group MGM Advantage has revealed that 35 per cent of over 55s who are still working are now planning to work longer than they originally planned.

Moreover, 23 per cent of those polled revealed they no longer have any fixed retirement plans in mind.

According to the firm, the reason for this is the ongoing effect of the economic downturn, which has left many older people with reduced retirement savings and limited finance options.

As such, Craig Fazzini-Jones, director at MGM Advantage, has called for over 50s to ensure they have taken all the steps necessary to prepare for retirement and to consider other finance methods, such as equity release.

He said: "If you are approaching retirement, you have to balance living for now with how you want to live in the future."

This comes after Churchouse Financial Planning earlier this month reminded older people of the importance of ensuring they have multiple income sources in place for when they retire.

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