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Monday, July 15, 2024

Half of individuals delay retirement resulting from cost-of-living pressures

Half of individuals delay retirement resulting from cost-of-living pressures

Nearly half of individuals are probably delaying retirement plans as the upper value of dwelling eats into their on a regular basis funds, a mortgage lender reveals

Almost half (49%) of these polled by LiveMore at the moment are rethinking when they may cease working.

The survey confirmed that 26% of these aged between 50 and 79 have been compelled to postpone retirement, whereas 23% are critically contemplating putting it on the again burner.

Rising costs have additionally compelled 7% of the five hundred surveyed to tackle extra work or a second job.

For many who have simply retired, the state of affairs is simply as worrying. Right here 28% stated they’ve needed to return to the office because of the cost-of-living disaster.

General, 17% have gone again to work full-time and 11% part-time, with an extra 7% critically contemplating re-entering the workforce.

One in 4 postpone retirement

Leon Diamond, CEO and founding father of LiveMore, stated: “One in 4 individuals who have been trying ahead to taking retirement have needed to postpone it because of the cost-of-living disaster, which is absolutely unfair.

“And virtually one other one in 4 are considering suspending their retirement, which simply exhibits the extent of how a lot individuals are struggling to get by.”

He added: “We wish to get the message throughout that individuals over the age of fifty, and even into their 90s, can entry finance by way of a mortgage.

“That is the age group of all our clients, lots of whom inform us how grateful they’re that somebody will lend to them, as different lenders usually flip them away. The fee-of-living disaster goes to be with us for a while however there are alternatives. Brokers can simply speak to us about what is offered for any shoppers who’re retired or approaching retirement.”

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