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More over 50s expected to work past retirement age

The number of men and women over 50 who will be working past state retirement age has risen by 45% over the last two years.

While 4.5 million over 50s were planning to do so in 2010, this figure has now climbed to 6.5 million, with this group arguing that they will work for an extra 6.2 years on average.

The findings from the Working Late Index from retirement specialist LV= also reveals that the proportion of women working beyond state retirement age is higher than that for men, 4.1 million against 2.4 million.

However, on average, men work longer past retirement age than their female counterparts at 6.9 years and 5.8 years respectively.

“With the Government increasing the state pension age we would hope that those approaching retirement wouldn't feel they need to work beyond it,” said Ray Chinn, LV= Head Of Pensions.

“Unfortunately, this is not the case as many find that they have insufficient funds in their pension pots. Although there are many people who feel too young to retire and want to work for as long as they can, our research shows the majority say they will be forced to do so to survive financially.”

Further figures from the Index revealed the varied reasons why almost 4.3 million over-50s had retired but since returned to work.

While for some it was a personal choice, with 32% feeling too young to retire and 30% missing working life, 14% admitted that insufficient pension funds had prompted their return to work.

In addition, nearly one in ten argued that they had to return to work because the state pension wasn't enough to live on.

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