Retirement & SIPPs
Jan 23 2009

People saving for retirement 'concerned over redundancies'

Workers aged 55 and over, many of whom will be saving for their retirement, are concerned about being made redundant, new research reveals.

According to figures produced by Age Concern, half of such people believe that they are at greater risk of losing their jobs than their younger counterparts based on their age.

Meanwhile, almost nine out of ten of those questioned reported that they think it is harder for older jobseekers to find employment.

"The government must take action if it is to avoid thousands of willing older workers becoming job-cut casualties who are permanently dependent on state support," warned Age Concern director-general Gordon Lishman.

Recently, the Life Trust revealed that as many as 12 per cent of adults believe that they will have to delay retirement by up to five years as a result of having insufficient funds.

The organisation cited worsening economic conditions and increasing life expectancies among the reasons behind the trend.
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