Pensions 'used to support family income'

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Around a third of over-55s are using the money they have saved in their pensions to support their family, according to a new study.

Birmingham Midshire's research found that 36 per cent of people in the age bracket support their children and grandchildren with their retirement savings, while one in ten use them to contribute to the family's household income.

In addition, the findings revealed that those nearing retirement in the north-east are the most likely to take up a part-time job to help with family expenses.

Birmingham Midshires' savings operations director, Jason Robinson, said: "These findings suggest that the over-55s are actually using their pensions and savings to provide a financial lifeline to younger family members – at the same time as adjusting to enormous change in their own income and lifestyle."

Recent research by investment firm The Hartford also found that over 90 per cent of baby boomers are planning to work beyond retirement age in an effort to boost their pension savings.

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