More people to work into their 70s

New research has found that more people could be forced to work into their 70s in the future because of the pensions’ crisis.

The study, from the Future Foundation on behalf of Friends Life, found that just over half of those who have already retired said that they may have to do part-time work to supplement their pensions but this figure increases to 75% amongst those who are still working.

Experts say that the traditional image of the pensioner with slippers and rocking chair will soon have to change as, due to the economic downturn, many will simply not be able to fully retire and will have to resort to continue bringing in a wage, although perhaps in a different capacity.

Martin Palmer, head of corporate benefits marketing at Friends Life, said that many have not saved adequately for their pension and, by 2020 there will be an increasing number aged 70 plus who will not be able to afford to give up working. He says that “Wearies”, Working, Entrepreneurial and Active Retirees, will increasingly not be able to retire and will look to other means and says that, in time, despite their senior years, they will become among the most innovative and entrepreneurial contributors to the UK economy.

Source: https://www.independent.co.uk/news/uk/politics/pensioners-will-work-into-70s-6286805.html