Longevity 'may increase working life'

Monday, June 29th 2009

The increasing life expectancy of UK citizens may mean more people find themselves working beyond retirement age to make ends meet, it has been claimed.

Too few people are making significant pension investments during their working lives, meaning some may face the prospect of working beyond 65 in order to supplement their income, according to a former government pensions advisor.

Pensions policy expert Ros Altmann commented: "If you stop work in your sixties what are you going to do with little money? Part time work in later life is better for you and the economy.

"We are not going to solve the pensions crisis with pensions alone because people are simply not saving enough."

Approximately 1.4 million UK pensioners are currently electing to work beyond retirement age, according to research by Key Retirement Solutions.

Further statistics from the study showed that 17 per cent of pensioners received income from part time work in 2007-08, compared to 12 per cent in 1997-98.