Over 55's Face Years of Extra Work

One in five will have to work at least Part Time until their 70,s. Their dreams of a relaxed retirement, spending time with their grandchildren shattered. When asked as to why they had opted for continuing work. 60% stated financial considerations. A quarter of them still having a mortgage,  a further quarter having less than £2,000 in savings, the remainder having nothing in reserve. Taken as a whole, when all their assets and debts were taken into consideration, only 13% were worth more than £100,000.

A separate report indicated that very few knew what retirement income to expect. Most expecting in excess of £15,000 when the average is £6,000. A statement by:;-  Lynda Whitney - Consultant - Hewitt Associates.