Almost half (49%) of people approaching retirement have rethought their plans in the face of the cost-of-living crisis, according to research carried out by LiveMore among those aged 50 to 79.
The research found that 26% were forced to postpone their retirement, while 23% were seriously considering delaying it, and 7% had taken on more work or a second job.
For those already retired, 28% had to return to the workplace – 17% full-time and 11% part-time – while 7% were seriously considering it.
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.
“Even those who have retired have been forced back to work just so they can afford to pay the bills, heat their homes and feed themselves – and this is despite making cutbacks.”
“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.
“After all, people should be able to enjoy retirement without having to worry about financing their twilight years.”
