For anyone nearing the age of retirement the recession may well have shattered their dreams of leaving the office behind once they hit 60 (or 65 for our male readers). According to Aon Consulting 64 per cent of workers believe that the recession will delay their retirement plans – with one in five workers declaring they’ll have to work six to nine years longer than planned before they can retire. Reports have shown that in the UK contributions to defined contribution (DC) pension savings have dropped by 12 per cent since September 2007.

The thought of delaying retirement is not a new one – in fact the Office for National Statistics reveals that the number of workers over 50 who are still working has been steadily rising over the past 12 years – however, many workers are now feeling forced into staying at work for financial reasons rather than for the social or health-related benefits of being employed.

Presently men can collect their state pension from the age of 65, while for women it’s 60 - although females are to be brought into line with men’s retirement age of 65 by 2020. The Government than plans to raise the pensionable age for all workers to 68 by the year 2046, in a series of incremental steps.
Has the recession put an end to your plans to retire? Well you continue to work into your 60s and beyond? Or do you feel that after many years in the workplace you deserve a well-earned break? Let us know your thoughts on retirement here.