A new survey shows that many older people are being forced to return to work because their retirement finances are not working out as they had planned.
Around one in six retirees in the UK have either gone back to work or are thinking about it. This breaks down to 8 per cent who have already returned to employment and another 8 per cent who are considering it.
Money problems are the main reason for this trend. About 30 per cent of retirees say their quality of life has gotten worse. Many of them did not realize how much money they would need for retirement or how long their retirement might last.
Rising prices have also hurt retirees badly. This is especially true for people who retired before reaching state pension age or those whose pensions do not increase with inflation.
Standard Life points out that retirement is becoming less predictable & more flexible than it used to be. The company emphasizes that people need to plan their finances carefully well before they retire to ensure they have enough money for the long term.
