Over 65s to work longer as living costs hit savings

Aviva's latest Real Retirement report found more worked longer since the default retirement age was scrapped in 2011. Almost a quarter (23%) of over 55s list wages as part of their income compared to 18% in previous years. However, monthly incomes have increased by 9% for working 55-64 year olds, over the past two years to £1,489. This compares to £1,335 in 2010 and £1,285 in 2011. In comparison, retired 65-74 year olds receive a monthly income of £1,484, an increase of £166 over the same period, while the over 75s have seen their incomes decrease by £1 to £1,180. In addition, 10.5...