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State pension: Britons set to retire past 70 as calls on retirement incomes increase

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Although many people will be happy to do this, it could significantly dent their disposable retirement income.

It was also found many are withdrawing tax-free cash from their pension to fund property ladder moves for family, major life events, weddings or honeymoons. 

One percent of those asked said they had even put aside funds into savings for school or university fees for family members. 

Adrian Boulding, Director of Retirement Strategy at Dunstan Thomas, explained: “Many Boomers are financially supporting their children and increasingly grandchildren.