Britons forced to delay retirement

Date: 13th April 2011

Contractors and other UK business operators are among those being forced to delay their retirement plans, it has been suggested.

Research published by Prudential has shown that more than one-third of Britons will not be able to retire as early as they wish.

Indeed, two-fifths of those who foresee a delay believe they will need to work until there are aged 70 years in order to be able to afford to stop working.

Vince Smith-Hughes, head of business development at Prudential, said: "The only realistic option for those who want to avoid having to delay their planned retirement is to start saving as much as they can as early as they can.

"However, as inflation reaches 5.5 per cent and disposable incomes are reduced, Prudential's research shows that people are postponing retirement to either build up their pension pots further or simply to continue in a job that they enjoy."

The comments could inspire a number of workers to seek assistance from a specialist tax accountancy service for advice how best to invest their savings for later life.

Posted by Thomas Fletcher