Insufficient pension savings mean half of workers cannot retire this year

People who planned to retire this year may have to work longer in order to afford a comfortable retirement. Pension pots are not large enough for many people who had planned to retire this year. Almost half of workers cannot afford to retire in 2011 and may continue to work for up to ten more years to boost their inadequate pension pots, according to a new study. The research, carried out by Prudential, found that a third of the people who will reach retirement age this year would consider working for a couple more years if it meant they would receive a larger retirement income. A fifth of participants in the poll said they would work for an extra two to five years.