Over 40,000 over 65s have rejoined the UK workforce, according to figures released by the Office for National Statistics.
The leap in numbers means that the amount of pensioners in paid employment has now reached 823,000 the highest number since 1992, which is when the Office for National Statistics began keeping records.
The data suggests that many people are not feeling financially secure enough to retire at 65, forcing the elderly to continue their employment. With factors such as ongoing recession, Government austerity measures pinching the pocket, and plans to increase the retirement age itself, it seems as if UK pensioners working into their later lives will soon become the norm.
Ros Altman, former Government pensions adviser, said: “This is a reflection of things to come. For some people working longer is not terrible. But if they are forced to work longer because they have to, or they have no money to fund their retirement, then this is clearly a problem. And come next year the time bomb goes off – this is when the first baby boomer hits the age of 65. Then wave after wave will retire and we have to find a way to fund their pensions, and we have to do so urgently."
Some experts feel that the state pension, currently £97.65 per week, is simply not enough to live on: “ Most of us want to retire as soon as possible, but many people find they just can't afford to. The state pension is just too measly.”
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