23 MILLION Britons face working beyond retirement age: Three-quarters of employees can't afford to give up work because of the rising cost of living
- Three-quarters of employees in the UK will be working beyond the age of 65
- One fifth of workers will remain in employment in their mid to late 70s
- Research shows rising costs and low rates on savings are stopping people from retiring
Retirement has long been seen as a beacon of hope beyond the age of 65 where life becomes peaceful and comfortable after years of hard work.
But this is all set to change as startling figures show for the first time ever, 23 million people will need to work beyond the age of retirement to survive.
The spiraling costs of living and poor returns on savings mean hundreds of thousands in the UK will need to continue working post the age of 65 to survive.
The spiraling costs of living and poor returns on savings mean hundreds of thousands in the UK will need to continue working post the age of 65 to survive
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This is the second year that number of employees expecting to work beyond the age of 65 has risen, according to research by insurance broker Canada Life.
It now stands at 72 per cent of people - five per cent higher than 2017 and 11 per cent up from 2015.
Almost one fifth of people will still be working in their mid to late 70s.
Nine in 10 workers blame the rising cost of living as the main reason they expect to work beyond 65.
This is the second year that number of employees expecting to work beyond the age of 65 has risen, according to research by insurance broker Canada Life
Also baby boomers have been hit by poor returns on savings and plunging annuity rates means many face living on a meagre pension.
Malcolm McLean, of financial planner Barnett Waddingham, told The Express: 'The days of looking upon 65 as the 'retirement age' are clearly over. How we work and retire nowadays has got to be very different from those of our parents and grandparents.'
He added: 'Obviously it shouldn't be a case of 'work until you drop' but certainly 'work for as long as you can'.
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