According to a new report, workers in Britain are increasingly more likely to stay employed into their 70s. The research cited the current cost of living crisis as the key reason which is driving many older people to remain in work and shelve their retirement plans. The data shows a 61% increase in the number of over-70-year-olds now in employment.
The data was timed for release on International Workers’ Day (Monday, May 1) and stated that the recent crisis was leaving people in the over 70s’s range with little option but to remain in employment instead on retiring.
UK workers often seek our expert advice from experts in retirement planning in Shropshire, Cheshire, and other counties, to help them end employment early. Retirement specialists like wealth managers work with their clients to produce effective plans that provide adequate provisions and help them achieve specific retirement goals.
Figures from last year show that 446,601 people above age 70 were still working last year, representing a rise of 61%, in comparison to 277,926 a decade before.
The study found that although most of the workforce over 70 are male, there has been a steeper rise among women, in response to the increasing but gradual equalisation of legal pension ages between the years of 2010 and 2020. Previously, women were able to retire and claim their state pensions five years earlier. The number of women who are working into their 70s has increased by 66%, compared to 58% for men.
