Millions of people are postponing retirement and plan to keep working for an additional six years as their pension savings are too low, according to LV=.
The group's annual Working Late Index has revealed 6.5 million people intend to work for an additional 6.2 years, on average, post standard retirement age. This is a 43% rise on the 4.5 million people who planned to do so in 2010. The research on a representative sample of 1,521 working people aged over 50 also found that this approach is likely to be more common among women than men. More than 4 million women expect to work past the state retirement age, in comparison to 2.4 million men. However, men are likely to work for longer (6.9 years) than women (5.8 years). Half of respond...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes