"One in four of people of retirement age cannot afford to leave their jobs and will have to continue working indefinitely, researchers have found.
"Falling house prices, shrinking pension pots and the need to support financially dependent children have created a perfect storm for retirement plans," said Simon Lough, chief executive of Heartwood Wealth Management, which commissioned the independent research of almost 2,000 people aged 55 and over. "Since we conducted this research last year, baby boomers have found themselves forced to stay in semi-retirement for even longer as many simply can't afford to stop working." The number of older employees has risen by 97,000 in the past year. There are now 1.33 million workers above retirement age in the UK. The survey demonstrates the bleak choice facing 11.5 million pensioners in the economic downturn: despite having saved throughout their working lives for a comfortable retirement, many have to carry on working or try to make do with a drastically reduced income." (Observer, 13 September) RD
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