A recent survey has unearthed that many UK workers now feel they will have to postpone their retirement plans due to rising interest rates and inflation.
While many people are entitled to access their State Pension, due to the current cost of living crisis, they have discovered that they have insufficient funds to pay for their needs when they no longer have a regular monthly income from employment.
British savers concerned about retirement planning in Chester, London and other major cities can sometimes find wealth managers a great asset. After assessing the financial circumstances of their clients and understanding their goals, wealth management teams help them achieve their retirement ambitions. Taking them through the pre- and post-retirement planning stages, they can ensure they are ready to retire on their terms and guarantee they have sufficient provisions after they stop working.
The research undertaken by leading pension provider Legal & General found that 38 per cent of respondents aged in their early 60s or late 50s confirmed that due to the rising costs of living in Britain, they will be delaying their retirement date by at least one year.
Commenting on the figures, the pensions provider stated that the recent pandemic has already caused many Britons to reconsider their planned retirement date, and that the cost of living was adding to the issue.
The research suggested that one out of every 10 people surveyed felt that it was likely they would never have the option to retire for financial reasons.