A recent poll by YouGov has found that people are putting off buying their pension annuity. Instead they are carrying on working. Some people already retired and drawing their annuity are even returning to work. Why? Because of the rising gas and electricity bills. The increased cost of living is proving to be just too much.
If this poll is right then maybe up to 64% of the people at retirement age are deliberately not retiring with a third of them saying it is for financial reasons.
Shadow Chancellor Michael Portillo said: “Electricity, gas and bills that many people in work do not have to think about loom very large for the retired person,”
“The combined impact of the rising cost of living, rising inflation, fears of recession and the constant media coverage of the credit crisis has created insecurity for a huge number of people approaching retirement and concerned about their financial future.
“Given that so many people are aware that they will face financial difficulties in retirement, more and more people are staying on at work, or returning to work to help ease the financial pressures they face ahead.”
Talk about doom and gloom!
