Over 50s 'may not be ready for retirement'

The number of over 50s who continue to work beyond the retirement age could be set to increase, according to new research.

A survey conducted by insurer Aviva has revealed that 56 per cent of the UK population now expect to work beyond the "normal" retirement age, an increase of 12 per cent compared to the figure five years ago.

According to the group's findings, this may be due to an increasing pressure on finances from dependents, as well as insufficient savings having been collected over the course of workers' lifetimes.

Darren Dicks, head of annuity propositions for UK life at Aviva, said that those worried about their retirement savings should seek financial advice, as well as ensuring they shop around and review finance options on matters such as their choice of annuity.

This comes after research from financial consultant Hymans Robertson also identified an increasing trend towards over 50s choosing to defer their pensions in order to continue working beyond the age of 65.

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