CampaignsAge DiscriminationMature Times survey reveals professionals 'struggling' to afford retirement Mature Times survey reveals professionals 'struggling' to afford retirement
14/04/2011
Less than a third of professionals aged in their 50s an afford to retire when they planned, according to this research. Nearly three quarters - 72 per cent - will have to continue working past their desired retirement age and 36 per cent of those have no idea when they will be able to stop work.
Just 28 per cent of those polled can afford to retire when they had planned.
Nearly a third of the respondents aged 50 to 59 were out of work and searching for jobs, while 65 per cent were still working.
Those looking for work are struggling to overcome the age barrier, with half out of work for more than 12 months.
And 51 per cent said they would like to work beyond the former default retirement age (DRA) of 65, which has now been abolished.
The survey of 597 professionals commissioned by Mature Times was carried out by recruitment firm MatureAccountants.com.
It was set up by accountant Martin Lloyd-Penny, 56, in 2005 when he was unable to find work at 52 and now has 7,000 professionals on his books.
He said: ''I know at first hand from talking to my candidates on a daily basis how difficult it can be for experienced people who fall off the corporate ladder in their 40s let alone their 50s.
''It's really tough to get back on at the same level and for some to get back on at all.
''It is so dispiriting seeing all that talent going to waste when UK plc is crying out for sound financial management to get it through this recession.
''It's all about experience and not age - so get hiring!''
Earlier this week pensions firm Prudential have warned that nearly two million people - four in ten - will be forced to keep on working into old age to pay the bills.
Jim Boyd, of retirement specialist Partnership, said: ''It is becoming apparent that the State will not be able to provide a comfortable cushion for our retirement.
''With many public sector workers faced with losing their copper-bottomed pensions, many will have to address the bleak prospect of putting retirement dreams on hold for the simple fact that they cannot afford to stop working.''
Concerns over the dificulties facing older people who are forced to continue working have been raised by Michelle Mitchell, charity director at Age UK.
She said: ''Pensioners are facing increasing financial difficulties as their incomes fail to keep pace with the rising cost of living and more than a million people past pension age are still in employment.
''However this should be a choice, not a necessity, and it is vital they are supported with a decent state pension.''
The number of people claiming unemployment benefit fell in January for the first time in months by 4,100 to a total of 1.4 million.
However, the number of under-25s out of work hit nearly a million in November last year making the youth unemployment rate 20.3 per cent - the highest since records began in 1992.
The number of 'unemployed' 16 to 18-year-olds was at 204,000 indicating the high level of school leavers opting out of further education or employment.