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A third of over 55s putting off retirement, says MGM Advantage

More than a third of people over 55 are putting off their retirement plans as a result of the recession, research from MGM Advantage reveals.

The retirement income provider, formerly MGM Assurance, says the current economic climate has forced 35 per cent of over 55s to continue working, with around 1.85 million working longer hours.

A further 23 per cent of over 55s are working beyond the state retirement age of 65, with no final retirement plan in mind.

Thirty two per cent of those surveyed are not prepared at all for retirement while a further 35 per cent admitted to having done nothing to prepare for life after work.

MGM Advantage director Craig Fazzini-Jones says: “One of the most worrying consequences of the economic turmoil is the knock-on effect for those approaching retirement.

“Millions of people nearing the end of their working life have been forced to slog it out for a few more years to see if their pension pots will make any kind of recovery. For many it is not a choice, but a necessity.”

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