Almost half of people are potentially delaying retirement plans as the higher cost of living eats into their everyday finances, a mortgage lender reveals
Nearly half (49%) of those polled by LiveMore are now rethinking when they will stop working.
The survey showed that 26% of those aged between 50 and 79 have been forced to postpone retirement, while 23% are seriously considering placing it on the back burner.
Rising prices have also forced 7% of the 500 surveyed to take on more work or a second job.
For those who have just retired, the situation is just as worrying. Here 28% said they have had to return to the workplace due to the cost-of-living crisis.
Overall, 17% have gone back to work full-time and 11% part-time, with a further 7% seriously considering re-entering the workforce.
One in four postpone retirement
Leon Diamond, CEO and founder of LiveMore, said: “One in four people who were looking forward to taking retirement have had to postpone it due to the cost-of-living crisis, which is really unfair.
“And almost another one in four are contemplating postponing their retirement, which just shows the level of how much people are struggling to get by.”
He added: “We want to get the message across that people over the age of 50, and even into their 90s, can access finance via a mortgage.
“This is the age group of all our customers, many of whom tell us how grateful they are that someone will lend to them, as other lenders typically turn them away. The cost-of-living crisis is going to be with us for some time but there are options. Brokers can easily talk to us about what is available for any clients who are retired or approaching retirement.”
