Nearly half of non-retired people think they will be working beyond State Pension age
New research from Rest Less suggests that the employment rate for people over the age of 65 has reached a record high. A study by the digital community, which campaigns on behalf of older workers, found the number of economically active people aged 65 and over has also reached record levels.
Something Age UK has seen a rise in as it warned a ‘great un-retirement’ could be getting underway, as rising living costs force people to change their later life plans and return to the workplace. The charity said it is continuing to hear from older people whose retirement aspirations "are being ruined by the impact of inflation".
Age UK also pointed to Office for National Statistics figures indicating that 1.1million people under the age of 65 were retired between February and April 2023, down from 1.2million during the same period a year earlier. She added: "As the cost of living crisis continues to exact a heavy toll, we think the UK Government needs to provide more generous financial support for people who cannot keep working until they become eligible for their State Pension, as well as increasing access to training and flexible working for those who can, thereby reducing the level of economic inactivity, which is one of their big goals. Policies like these would make a big difference to this age group and help our economy too.
John Adams, senior policy analyst at the Pensions Policy Institute , said: "Modelling undertaken by the PPI for Age UK shows that when people leave work before their planned retirement age, they have to find money to replace their earnings income. Pulling money out of pension savings early could have serious consequences for retirement income, through pot reduction.
Research by the People's Pension suggests that nearly half of non-retired people think they will still be working beyond the State Pension age, with 7 per cent fearing that they will never be able to retire.
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