Retirement
Active baby boomers working longer
Retirees are becoming more economically active with one in three (39%) over-55s continuing to receive a wage, according to Aviva.
The latest Real Retirement report also found one in four (23%) 65 to 74 year olds were still wage earners in December 2012, compared with 18% in February 2010.
As a result, the typical over-55 has an income of £1,444 each month along with £14,544 in savings (December 2012), compared with a monthly income of £1,239 and savings of £11,590 in February 2010.
Despite 80% being concerned by rising living costs over the next six months (December 2012), over 44% of over 55s plan to use their extra time in retirement to travel and two thirds (66%) plan to carry out charity work.
Roger Marsden, head of at retirement at Aviva, said: “What we are seeing is the first baby boomers setting out a new model for later life, and getting the most out of their improved physical health and the freedom to continue working for longer.
“Many people find that staying active in a job helps to keep them young at heart – with the bonus being that it boosts their earning and savings potential in the process.
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“The key to making the most of this opportunity is for people to start planning for their retirement well in advance.
“This way, as [they] approach the age of 65, [they] have the freedom of choice about [continuing] to work or not, rather than feeling forced to carry on out of the demand to meet financial commitments.”