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Retirement is even further away for 1.85 million people in the UK

A report by annuity provider MGM Advantage has revealed the startling fact that 1.85 million people in the UK will be delaying their retirement dates and working on into later life. It seems that pension arrangements currently in place for many of those reaching retirement age in the UK will pay out significantly less than had been hoped and ultimately many people will be struggling to make ends meet. As a consequence, the proportion of older workers in the workplace is set to increase dramatically over the next decade as reality hits home and retirement seems ever further away for more and more people in the UK.

This is a damning indictment of the UK pension system which has promised so much for so many people but yet is failing to deliver big style. The value of the UK state pension continues to fall in real terms as the UK governments, both past and present, appear unwilling to tie future increases to the rate of inflation. It seems that more and more people will now need to focus upon their own private pension arrangements to cover their costs of living in the future and allow them to make ends meet in their retirement.

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