Thousands of retirement savers have come to terms with never retiring and working until they drop, according to a slew of new surveys.
Official statistics show many older people are working for longer – sometimes well beyond the state retirement age.
Not only has the national employment rate fallen to the lowest since records started in 1971, but the number of older people in work has increased across all age groups.
Figures from the Department of Work and Pensions show almost three out of every four people aged between 50 and 64-years-old have at least one job.
The employment rate for older workers has also doubled in a decade – to 21% of 65 to 69-year-olds and 11% of those aged between 70 and 74.
Thousands to work beyond 70
Interpreting the figures, the DWP said the data showed more people are working beyond retirement age.
The average retirement age for a man is 65.1 years old, while for women, the age is 63.6 years old.
The research was echoed by pensions giant Aviva, which looked at the working choices of more than 3,000 adults aged over 50.
The astonishing result was 13% have no plans to ever stop working, while 1 in 4 plan to work into their 70s.
The reasons included not having enough savings, rising living costs, keeping active and maintaining social interaction.
No savings
Not only do a quarter of over 70s intend to stay in a job, more than half expect to work beyond their 65th birthday, which is just as well as the state retirement age rises to 66 by October 2020 and keeps on heading towards 70.
“These are findings which employers need to take seriously, said Aviva’s managing director for savings and retirement Lindsey Rix.
“Negative employer views towards older workers are a real roadblock to over-50s’ careers, and need to be stamped out as quickly as possible. Employers must recognise that over-50s bring with them a wealth of valuable knowledge, skills and experience.”
Research by Close Brothers Asset Management also confirmed the results of the DWP and Aviva surveys.
A third of adults taking part said they could not retire because they lacked the savings. A similar number were not saving any money for their later years and 27% feared a financial emergency would wipe out their savings.
