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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.”


Take a fine vintage view

I recently made what some people have described as a rather foolish purchase. They might be right. Sitting on my driveway is a 1975 MGB GT, minus an engine and with enough rust to warrant extensive body repairs before it can ever be driven again.

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According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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