Recession is delaying the age people can retire, a new study has found.
According to figures from life assurer MGM Advantage, as many as a quarter of over-55s will work past the required retirement age due to the effects of the economic downturn.
Craig Fazzini-Jones, director of MGM Advantage suggested that the effect of the recession on people approaching retirement is "one of the most worrying consequences".
"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," he said.
He also suggested that many people were not satisfactorily prepared for retirement.
The study noted that nearly a third of over-55s are not prepared for retirement.
Last week, AXA warned that many independent financial advisers did not believe people were putting away enough money for retirement and claimed that people needed to do more effective planning.
One solution for many may well prove to be the utilization of the wealth tied up in their homes through an equity release scheme.
