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Brits will be forced to retire later

Research has shown that the vast majority of independent financial advisors (IFAs) believe that increasing numbers of people will be so strapped for cash that they will have to retire later in life even if they do not want to keep working.According to Aegon's latest survey, 88 per cent of IFAs believe the average retirement age will rise significantly in the next ten years, with more people unable to retire at the age that they wish to.While 71 per cent of experts think that people are resigned to receiving less money in retirement, which will bring down their quality of life, 56 per cent of IFAs disagreed that people would rather save up than work until an advanced age. Moreover 76 per cent of financial experts believed that people were fully prepared to work longer until retiring.Perhaps as a result of pensioners being squeezed financially, 74 per cent of IFAs thought that the family inheritance received by the next generation would be lower than it is now.Eighty-seven per cent of IFAs said they would recommend that people invest more in pensions to address the financial strain of the future.Commenting on the findings, Graham Dumble, Aegon's director of risk and regulation, said: "The results of this research show British people are heading for a sharp wake up call in their retirement planning. Unless they are prepared to accept a significant fall in their standard of living in retirement they will have to save more or work longer. Fewer will be able to rely on inheritance to plug a funding shortfall."

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