Figures released by insurance specialist Partnership reveal the stark rise in the number of over-65 year olds in or seeking work, with the figure almost doubling in the space of five years.
Currently almost a third of the UK workforce is over 50 and, in the over-65 age bracket, there are 46% more people either in work or seeking work than there were just five years ago.
The end of default retirement age is thought to have partly contributed to this rise, but the leading cause is arguably the fact that more people are feeling increased financial pressures – continuing to work is becoming an economic necessity, with 71% of 50-65 year olds feeling they'll need to supplement their retirement income in some way.
For 33% of 50-65 year olds the shortfall will be filled by savings and investments they've put aside to fund their retirement, but 39% will rely on continued employment – be that through delaying their retirement, finding part-time work after leaving their current role or even setting up a small business of their own.
But, perhaps the most worrying figures of all are that 16% of 50-65 year olds don't believe that they'll ever be in a position to retire fully, whilst 7% have no pension savings at all.
This has led industry experts to urge 50-65 year olds to look for ways to viably supplement their income and make the most of the savings pots they do have available, ideally by shopping around to get the best possible annuities or savings rates.
Andrew Megson, managing director of retirement at Partnership, comments:
"With almost three quarters of 50-65 year olds believing that they will need to supplement their pension income, it is vitally important that they make the most of the savings pot that they do have.
"Not only do people need to shop around to ascertain what deals are available but they also need to consider whether their health or lifestyle might have an impact on their annuity income.
"While it is obviously vital to put away as much as possible over your working life, this is not always possible so you also need to make sure that when it comes to taking out an annuity, you find the best deal for you."
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