State pension age rise forces lower earners to work longer – ‘cannot afford to retire!’ | Personal Finance | Finance
The employment rate for men aged 65 rose by 10 percentage points, and by 13 percentage points for women at the same age.
The research has therefore evidenced somewhat of a disparity between lower earners and their higher-earning counterparts.
Jonathan Cribb, associate director at the IFS, said: “The sharp increases in employment have come in particular from those in poorer areas, and for those who have lower levels of education, suggesting that without a state pension they cannot afford to retire.”
The research estimated an additional 5,000 65-year-olds are now unemployed and looking for work as a direct result of the state pension age increase.
Indeed, some 25,000 individuals are out of work due to long-term health reasons, rather than retirement, also as a result of the state pension age rising from 65 to 66.
