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4m over 50’s will work past retirement age, says new survey by Peter Retirement Supermarket

A new survey commissioned by insurer LV= has shown that over four million over 50’s are set to work past the conventional retirement age. Of these, around 55% say they would work five years into retirement, with 20% expected to work well into their 80’s, according to the data.

It also seems that women are more likely to work later in life than men, with twice as many reporting an expectancy to work past retirement age compared to men. This is likely to be down to the fact that women tend to have smaller pension funds compared to men, with a substantial number having no pension at all. Many women rely on their partner / spouse’s pension fund, which may have fallen in value recently, forcing them to plan to work for longer. Another factor to consider is that the age at which women qualify for a state pension will soon increase from 60 to 66.

Aside from falling pension fund values, many over 50’s are finding it hard to save for the future. It is estimated that the over 50’s collectively saved £18 billion less this year than they did last year. Rocketing inflation, stagnant wages and family costs are thought the be the main contributors to this. On top of that, interest rates are very low (0.5%) and have been for over two years, making saving into a savings account appear extremely unattractive, almost pointless given the current inflation rate.

Life expectancy is also rising, meaning that people are have to fund a longer and longer span in retirement. With falling pension funds, poor returns from savings and rising prices, it is easy to see why so many over 50’s will have to work past the conventional retirement age. That said, not all those working past retirement age are doing so reluctantly, as a recent survey from SAGA revealed that more than 50% of those who have yet to retire wanted to work past 65.

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