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Workers 'confused' about retirement

Tuesday June 15th 2010

Older workers are confused when they start to consider retirement and are not planning adequately for the future, a new study has claimed.

An Institute for Employment Studies report said people in their early-50s had witnessed a "significant" change in their retirement plans due to the recession, which has led to more redundancies and recruitment freezes among older workers.

With a lot of employees in the early-50s age group not having done much forward planning for their later years, the report states, individuals may feel that retirement planning is no longer in their own hands.

The report said: "Not only might older workers potentially be an easy target for companies looking to cut costs, but those losing their jobs cannot afford to take the early retirement as they might have done in financially healthier times."

Marie Strebler, of the Institute for Employment Studies, said: "Employers seem to be stuck in reactive mode. They provide retirement support, however they are failing to encourage people to stay, treating requests on a case-by-case basis and thus missing opportunities to retain much needed and valuable skills."

Copyright © Press Association 2010

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