Over-50s are working longer to pay the bills

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The latest figures have revealed that more people over 50 are working longer and delaying retirement.

Stats from the Office of National Statistics (ONS) show that employment rose by 444,000 last year. People over 50 made up 70 per cent of that increase, including 106,000 workers aged 65 and over.

According to the latest numbers, there are now 10.4 million over-50s in work – up 30 per cent from 8 million 10 years ago. And the number of women over 65 still working has nearly doubled in that time.

So what’s driving the big increase in people working later in life? Speaking to the Daily Mail, Tom Selby from investment firm AJ Bell said, “While each individual story will be different, there are basically two categories: people who choose to work into their later years and those who are forced to.”

He continued: “For anyone who hasn’t saved enough for retirement, working until you drop will now be a grim reality.”

The increasing number of people working for longer is reflected by Government changes – from this year, the State Pension age will increase to reach 66 by October 2020. Further increases are planned to raise the official age when you can claim your State Pension to 67 by 2028.

And that’s a trend that’s expected to continue. Last year, a report from Willis Towers Watson found that a third of workers now expect to have to keep working until after their 70th birthday.

Getting your finances in order

If you’re worried about saving for later life or the value of your pension Age UK’s pension calculator can help you work out how much money you’ll need when you retire. You can find more useful resources to help you plan for the future in our Resource Library.

A prepaid funeral plan can also help you save money and make arrangements in advance, so that your loved ones won’t be left with financial worries. Find out more about the financial benefits of a funeral plan from Avalon.

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