People delay retirement due to abolition of default pension age

Money
01 July 2015
Saga has noted that the increase in employment activity is largely driven by people close to retirement returning to work.

Employment data from the Office for National Statistics shows that the number of people in work is on the rise.   

However, over-50s group Saga has noted that this is largely driven by growing numbers of workers delaying their retirement and staying in work for longer. 

Director of Communications at the organisation, Paul Green, said this is likely a result of the default retirement age being abolished, as well as increases to the state pension age. 

He welcomed the fact that 82% of over-50s want to continue working past this age, as they are now able to do so without having to worry about being forced out of work. 

"However, it's worth noting that 79% are also doing so in order to boost their retirement income as many feel that their predicted retirement income is not likely to achieve what they originally anticipated," Mr Green commented. 

Seeking the support of an independent financial adviser can help anyone in this position to plan effectively for retirement. 

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