New studies have revealed that over four million Brits over the age of 50 plan to work beyond the retirement age due to poor pensions and lack of funds.
Insurance company LV= conducted the research and they discovered 4.5 million over 50s could not see themselves enjoying a retirement from the standard age. As the government scraps the Default Retirement Age it's expected that more and more pensioners will continue working, especially as life in England is currently getting more expensive too.
Of the 4.5 million, over half saw themselves working past the retirement age for five years, a quarter expect a maximum of ten years, and one in five expect to work beyond their 70s and into their 80s.
Rising costs in the UK are the prime factor for the extended work lives. Ray Chinn, the pensions head at LV= said: “Britain’s over-50s have already slashed their retirement savings and now it looks like many will have to continue working to ensure they have adequate income in retirement. It is worrying to see that many over-50s expect to work up to 15 years past the state retirement age, and in some cases are working even more hours than they did earlier in their careers.
Chinn added: “Britain’s over-50s are continuing to feel the pressure from all angles when saving for retirement so it is not surprising that people are working later into their retirement or returning to work. Some do so through choice of course, but the majority is forced to by their financial situation.”