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Many older people staying at work 'because they want to'

Published 19/05/2016

A new study shows more people are working beyond retirement age - mainly because they want to
A new study shows more people are working beyond retirement age - mainly because they want to

More people are working beyond retirement age than ever before, mainly because they enjoy it, according to a new study.

Research by insurance giant LV= found that almost nine out of 10 people over 65 were happy to be in a job, with only one in 10 feeling they have to work for the money.

The survey of 1,500 people also discovered that one in seven were phasing their retirement by reducing hours rather than stopping straight away.

John Perks of LV= said: "Many people are staying active and remaining at work because they want to, but with large numbers approaching retirement worried they won't have enough saved, there is a risk that the next generation of 'grey collar workers' will have to work out of necessity.

"The pension freedoms have given older workers more flexibility to choose the type of retirement they want, and how they fund it, but with more choices than ever before it's important to plan both before and at retirement."

Pensions Minister Baroness Altmann said: "Working longer can have huge benefits, keeping you active, improving your quality of later life while also boosting your financial prospects too. Most people are fit and healthy at much older ages than past generations and have valuable skills and experience to bring to the workplace.

"Working longer can benefit business, individuals and the economy as a whole and many employers are beginning to recognise the huge benefits of retaining, retraining and recruiting older workers."

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From Belfast Telegraph