Record numbers working past pension age

by Dr. Ros Altmann

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Numbers working past pension age have almost doubled in past 10 years – a social revolution is underway

Commenting on today’s release of ONS figures showing record numbers working past pension age, Dr. Ros Altmann said:

“Many older people are increasingly choosing to stay at work, often part-time so that they ease more gently into retirement. If they feel fit and healthy and want more money, and are able to work, they are choosing to do so.

“Saga’s research shows that many of our over 50s already want to work past 65.  71% would like to work part time rather than retiring and in fact 7% are already working past the age of 70. This isn’t just for the money – work satisfaction, feeling useful and the social benefits we gain from working were key reasons that people wanted to continue.

“There are however other factors to consider for the increase in older workers, such as those coming up to retirement finding their private or state pensions are not as good as they had hoped – meaning they have to stay at work if they want a reasonable income. This may be especially true for women who may have returned back to work from taking time off and have very little pension provision.”

“Generally though these figures should be seen as a indicator that we have redefined age and retirement. By embracing and in fact welcoming the opportunities of working during part of these bonus years, we can help boost our ailing economy, ensure less reliance on the state and ultimately make retirement more fulfilling.”

ENDS
Dr. Ros Altmann
13 June 2012