State pension age misery as ‘modest’ sum means Britons plan to work beyond 66 | Personal Finance | Finance
State pension age was traditionally 60 for women and 65 for men, but was equalised and now is gradually increasing. However, new research has suggested more people will be scrapping plans to retire at this point.
Instead, one in four Britons plan to work either full or part time after they reach state pension age, Rest Less has said.
As the cost of living soars, one in five people said they plan to work past their state pension age on a part time basis.
Nearly one in 12 said they planned to work full time after they reach retirement age.
The poll comprised a representative group of 2,000 people to ask them about their plans for after state pension age.
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Stuart Lewis, Founder of Rest Less, said: “We are living longer lives than previous generations which means many of us are now working for longer than we might have planned.
“For some, working longer is a positive choice which reaps many physical, mental and social benefits.
“For others, the choice is denied as people find they must keep working to make ends meet.
“The UK state pension is already relatively modest compared to other countries, and following the suspension of the triple-lock, is now set to rise significantly less than the Bank of England’s forecast for inflation in April.
This could mean they gradually stop working, dropping their hours or going part-time, rather than stopping all at once and altogether.
Those who want to make decisions about their retirement can use the Government’s free advice service PensionWise.
A DWP spokesperson told Express.co.uk: “Older workers are a huge asset to our economy and the majority of those polled by this survey who plan to remain in work beyond state pension age identified health, social and wellbeing benefits as their main reason for staying in employment.
“For those who decide to retire, from April the full yearly amount of the basic state pension will be over £2,300 higher than in 2010 and we continue to encourage those eligible for Pension Credit, and the wide range of other benefits it can provide, to make a claim.”
