The number of employees expecting to work past the age of 70 has nearly doubled in seven years according to a major new study, which found worrying signs of worse health and higher stress levels among those who do. Seventy percent of employees also think their generation is likely to be much worse off in retirement than their parents’ generation.
Research shows that among employees under 30 – probably retiring in the 2040s and 2050s – 44 per cent expect to be working into their 70s, compared with 20 per cent of those over 50 and 29 per cent of those in their 40s.
Research shows that among employees under 30 – probably retiring in the 2040s and 2050s – 44 per cent expect to be working into their 70s, compared with 20 per cent of those over 50 and 29 per cent of those in their 40s.
David Bird, head of proposition development at LifeSight, Willis Towers Watson’s UK DC Master Trust said, “...it’s worrying that many who are expecting to retire later are not doing so out of choice and are therefore more stressed and less engaged with their job.
Credit card and loan debt is preventing more than one in five of those who have retired from enjoying it as they struggle to maintain their standard of living, warns Key Retirement. Since 2016, the levels of both secured and unsecured debt held by the over-65s has increased from £70bn to an estimated £85bn in just two years, blamed on pension shortfalls, the launch of pensions freedoms and unexpected bills like car repairs. One in seven retired Britons says they are now relying on credit cards to boost their income. A quarter of the over 70s are juggling three or more credit cards and one in ten have had a balance they haven’t cleared for more than a year.
Dean Mirfin, chief product officer at Key Retirement added.
“Pensioners worried about debt are not alone. We are all living longer and that means our savings have to last longer"
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