Retirement on the back burner as people struggle with cost of living

6th November 2023

Almost half of people approaching retirement (49%) are rethinking their plans as the high cost of living bites into their everyday finances.

Research carried out by LiveMore among people aged 50-79 found that 26% have been forced to postpone their retirement while 23% are seriously considering delaying it. In addition, 7% have taken on more work or a second job.

The situation is just as worrying for those who have retired as 28% said they have had to return to the workplace due to the cost-of-living crisis. Of those, 17% have gone back to work full time and 11% part time, while a further 7% are seriously considering re-entering the job market.

Leon Diamond, CEO and Founder of LiveMore, said “One in four people who were looking forward to taking retirement have had to postpone it due to the cost-of-living crisis, which is really unfair. And almost another one in four are contemplating postponing their retirement, which just shows the level of how much people are struggling to get by.”

“Even those who have retired have been forced back to work just so they can afford to pay the bills, heat their homes and feed themselves – and this is despite making cutbacks.”

“We want to get the message across that people over the age of 50, and even into their 90s, can access finance via a mortgage. This is the age group of all our customers, many of whom tell us how grateful they are that someone will lend to them, as other lenders typically turn them away.”

“The cost-of-living crisis is going to be with us for some time but there are options. Brokers can easily talk to us about what is available for any clients who are retired or approaching retirement. After all, people should be able to enjoy retirement without having to worry about financing their twilight years.”