Over a Third of U.K. Workers Plan to Delay Retirement Because of Recession

A significant portion of U.K. workers over the age of 55 are modifying their retirement plans in light of the recession and financial crisis.

A study by U.K. retirement specialist MGM Advantage found that 1.85 million near-retirees are planning to work longer than expected in hope of repairing their pensions and personal finances.

The study also revealed:

• 35% of near-retirees have done nothing at all to prepare for retirement.
• 9.3% of workers over age 55 have considered tapping into equity in their homes or moving into a smaller residence.
• 13% plan to save more to compensate for recession-related losses.

Source: Wall Street Journal (subscription required)

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