Almost half (49%) of people approaching retirement are rethinking their plans as the cost of living crisis cuts into their everyday finances, LiveMore has found.

Research by the later life lender revealed that over a quarter (26%) of people aged between 50 and 76 have been forced to postpone their retirement, while 23% are considering delaying it.

The research also found that 7% have taken on a second job to boost their retirement funds.

Founder and chief executive officer at LiveMore, Leon Diamond, said: “One in four people who were looking forward to taking retirement have had to postpone it due to the cost of living crisis, which is really unfair. And almost another one in four are contemplating postponing their retirement, which just shows the level of how much people are struggling to get by.”

Of those that have already retired, over a quarter (28%) said they have had to return to work due to the cost of living crisis, with 17% and 11% going back to the workplace full-time and part-time respectively.

Furthermore, 7% have said they are considering re-entering the job market to make ends meet.

Diamond added: “Even those who have retired have been forced back to work just so they can afford to pay the bills, heat their homes and feed themselves - and this is despite making cutbacks.”

“We want to get the message across that people over the age of 50, and even into their nineties, can access finance via a mortgage. This is the age group of all our customers, many of whom tell us how grateful they are that someone will lend to them, as other lenders typically turn them away.

“The cost of living crisis is going to be with us for some time but there are options. Brokers can easily talk to us about what is available for any clients who are retired or approaching retirement. After all, people should be able to enjoy retirement without having to worry about financing their twilight years.”

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