Middle class retirement plans on hold

A report has shown that middle class workers will face at least another five years in work in order to support themselves and their children

Middle class workers are having to postpone their retirement plans due to many having to support their children pay off university debts, and help them get on the property ladder.

The findings from the report published by investment firm Heartwood reveals that there are a number of factors causing the delay for retirement, with workers preparing to stay in their jobs till they turn 70.

‘In many cases, they are faced with greater demands being placed on their pension pots, rises in the cost of living and unexpected financial commitments, such as supporting their children for longer than they had originally anticipated,’ says Simon Lough, the chief executive at Heartwood.

While those who can afford to semi-retire switch from full to part-time work, others are facing at least five more years in their jobs.

It has also come as a blow that the age women can claim their state pension has been increased from 60 and will reach 66 by 2020.

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