Older workers 'concerned about retirement prospects'

Nearly half of workers over the age of 50 are concerned that their pensions and savings may not afford them a comfortable retirement, and that they may have to stay in work for longer, according to a new report.

The research, carried out on behalf of Age Concern and Help the Aged, revealed that 47% of older workers have become less confident over the last six months that their savings and pensions will be adequate to provide them with a good standard of living when they retire.

60% said that they may postpone their retirement in order to boost their level of pension provision.

Meanwhile, 28% of older workers are worried that they will lose their jobs as a result of the recession.

Recent statistics show that unemployment among the over-50s has risen by 47% over the last year.

Michelle Mitchell of Age Concern and Help the Aged said, 'Those who do lose their jobs will face significant obstacles to getting back into work, leaving them financially vulnerable as they approach retirement'.

The organisation is urging the Government to scrap the default retirement age of 65, and to provide a support package for older workers who lose their jobs.

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