More than three quarters of women aged over 50 say they plan to work past retirement age
Around four million women will be ‘forced’ to work for longer because they feel they have to in order to survive financially.
A new study suggests over three quarters of women aged over 50 say they plan to work past retirement age, yet just over half of men in the same age bracket are planning to do so.
The total number of over-50s expecting to work past the state retirement age has increased by 43 per cent since 2010, when similar research was carried out. More than half of those surveyed said ‘affordability’ was their main reason for planning to work past retirement age, suggesting people feel they have to work for longer out of necessity as opposed to choice.
Only a third said they would stay in work because they enjoy it.
Ray Chinn, LV= head of pensions, said: ‘With the Government increasing the state pension age we would hope that those approaching retirement wouldn’t feel they need to work beyond it. Unfortunately, this is not the case as many find that they have insufficient funds in their pension pots.
‘Although there are many people who feel too young to retire and want to work for as long as they can, our research shows the majority say they will be forced to do so to survive financially.’
The research comes amid fears that not enough women are saving adequate amounts of money for retirement.