You are here: Home - Retirement -

More women than men to work past state retirement age

Written by:
More women than men will carry on working past the state retirement age, according to a new report by insurers LV=.

The number of over-50s expecting to work past the state retirement age has risen to 6.5m, an increase of 43% on the 4.5m people planning to do so in 2010.

This group say they expect to work an extra 6.2 years on average.

However, more women say they will work past the State retirement than their male counterparts.

4.1m women over 50 expecting to work past the state retirement age, compared to 2.4 million men.

But men who expect to work past retirement will do so for over a year longer than their female counterparts.

Both male and female workers say that they will continue to work because of affordability, with some mentioning enjoyment of work as the next reason.

Ray Chinn, LV= head of pensions, said: “With the Government increasing the state pension age we would hope that those approaching retirement wouldn’t feel they need to work beyond it.

“Unfortunately, this is not the case as many find that they have insufficient funds in their pension pots.

“Although there are many people who feel too young to retire and want to work for as long as they can, our research shows the majority say they will be forced to do so to survive financially.”

London has the highest number of over-50s who say they will carry on working, and many predict they will work 7.4 years past the state retirement age.

Chinn continued: “Regardless of how close people are to retirement, it is essential that saving remains a priority. The earlier in life you can start saving the better, but it’s never too late to make a significant difference to your pension pot.

“There are many different options available to people at or near retirement, from which type of pension they have their money invested in, to whether they take a lifetime annuity, enhanced annuity, or put their money into drawdown.

“If someone qualifies for an enhanced annuity they can see their income in retirement rise by up to 30% for instance.

“People should seek professional advice to make sure they are getting the most out of the money they have saved for retirement.”

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Insurance Experts: Are you fully insured? Click here to get a quote.

For a free quote or to speak with an insurance expert call 0800 1218744

Flight delayed or cancelled? How you can claim £520 compensation

If your flight’s already been delayed or cancelled, or you’re jetting away this summer and want to be armed wi...

Could this be the secret to early retirement?

Taking an active approach to where your pension is invested means money is deposited into funds that can drama...

The essential money-saving guide for your 2018 holiday

Planning a trip away can be stressful, time-consuming and expensive but these are the industry’s top tips to e...

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

Tesco expected to post significant write-offs

Tesco is predicted to unveil the biggest loss in its 100-year history, according to analysts.

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week. Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
The cost of keeping warm now 63% higher than 5 years ago

The cost of heating a home is now 63% higher than it was five years ago, as consumers face another...