Women over 65 worker

More over-65s are working than ever before

Subscribe

There is no legal retirement age and employers can no longer force their employees to retire at a particular age - it’s up to you when you decide to stop working. That said, according to recent figures produced by the Office for National Statistics (1) and the British Retail Consortium, nearly three quarters (71%) of UK employees – equivalent to 23 million people – are set to work beyond their 65th birthday and a further 37% believe they will reach their 75th birthday before they retire!

Amongst those expecting to work beyond the age of 65, 71% cite the rising cost of living as a reason. Food prices in particular have been increasing at their fastest pace for more than five years – the result of last year’s extreme weather and an rise in global import costs [2].

A third (32%) of those who intend to work beyond the age of 65 admit that they need to continue earning a wage because their pension savings are insufficient, rising to two in five (39%) among the age group approaching the traditional retirement age of 65 (45-54 year olds).

Income protection (17%) and life insurance (16%) are highly valued benefits for employees who are considering working beyond the age of 65, while one in ten also appreciate the support of a critical illness cover (13%) or access to an Employee Assistance Programme (10%).

Source data:

[1] ONS Labour market data, March 2019

[2] British Retail Consortium, Shop Price Index February 2019

Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. Registered office 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited. The value of investments and the income from them can fall as well as rise and you may get back less than you invested. Past performance is not a reliable indicator of future results.


If you have concerns that you may be heading towards a retirement income shortfall, we are here to help you shape your personal financial journey. Please contact us for more information by emailing john.hunt@armstrongwatson.co.uk or call 01387 955900.

Contact John