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More women than men to work past state retirement age

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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.”

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