Plans on hold | Soaring cost of living slams the brakes on millions of workers' retirement dreams

New research has found that 2.5 million pre-retirees will have to delay their retirement as a result of the cost-of-living crisis.

Among those planning to delay,1.7 million expect to have to keep working indefinitely in either part-time (19%) or full-time (9%) roles, according to the findings of Legal & General Retail. 

Pre-retirees who plan to delay their retirement say they will need to push it back by almost three years on average, with nearly two thirds (64%) unable to afford the loss of income whilst costs are so high.

The cost-of-living crisis is another in a series of setbacks that have seen pre-retirees reconsider their retirement plans. The findings suggest that 46% of workers aged 55+ have had their plans impacted by external factors such as the pandemic, Brexit and rising living costs.