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Debt management could help those unable to work into retirement years

Debt management could help those unable to work into retirement years

- Wednesday, 26 August 2009

Nearly two million UK citizens are planning on working into their retirement years as a result of the recession.

That is according to MGM Advantage, which suggests that one in three people approaching the end of their working lives will stay in their job until they are 65.

For those who are unable to remain in employment, seeking debt management advice could help.

It was also revealed that 23 per cent of over-55s believe they will work beyond the default retirement age.

Craig Fazzini-Jones, director of MGM Advantage, said that people's unpreparedness was "hugely concerning" and that many would have no choice but to work.

He said: "One of the most worrying consequences of the economic turmoil is the knock-on effect for those approaching retirement.

"Millions of people nearing the end of their working life have been forced to slog it out for a few more years to see if their pension pots will make any kind of recovery. For many it is not a choice, but a necessity."

The government is to review the default retirement age in 2010.
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