Early retirement ‘unaffordable for many’

Many adults are having to delay their retirement due to the current economic crisis, new research has revealed.

A study by Life Trust found that 23 per cent of those surveyed can no longer afford to retire at the time they had intended to.

According to the firm it can cost as much has £373,000 to fund the early years of retirement, meaning those who are nearing the retirement age may have to become debt free at an earlier age then they had originally planned.

Chief executive of the Life Trust Andy Briscoe said that being able to take early retirement is becoming less of an option in the current financial climate.

“With worsening economic conditions … this is now something fewer people are able to afford,” he explained.

Those who are hoping to retire early may wish to ensure they keep control of the finances while in work.

Carl Kroger of the Relax Group urged consumers to keep a written record of their outgoings so they know how much is being spent.

By Tom Musk