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More people to put back retirement

More people to put back retirement

Category: Retirement

Updated: 18/06/2012
First Published: 18/06/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

More people are making the choice to put back their retirement and preparing to work past the age of 65.

Figures from Saga show more than a quarter (27%) of over 50s expect to delay retirement and work past the age of 65.

It continues a long running trend of people choosing to work beyond the retirement age.

Indeed, since 1993, the number of people working beyond the state pension age has risen to 1.41 million.

Overall 28% of men and a quarter of women (25%) expect to work beyond 65, with men in London (32%) and women (27%) in the South East planning to work longer than anywhere else in the country.

Saga said that while some people are forced to work past their retirement age, others are choosing to do so.

"While many people are working past the state pension age in order to keep up with the cost of living, some continue to work because they enjoy it and find it helps to keep them both socially and mentally active," Roger Ramsden, chief executive, Saga Services commented.

"It is important that those planning retirement are aware of their options, which could be the difference between retiring when they want to, as opposed to when their finances determine they need to.

"Research shows an alarming lack of awareness and understanding amongst those coming up to retirement."

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