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Emerald Group Publishing Limited
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Working over 65s “could hit two million by 2022
Article Type: News and events From: Quality in Ageing and Older Adults, Volume 13, Issue 3
The number of people working past 65 could hit the two million mark within the next ten years as increasing longevity and the need to boost retirement income drive further innovation in the retirement saving market.
An analysis by retirement income specialist Primetime Retirement shows the numbers working past 65 will more than double from the current 870,000 hitting 1.83 million or around 6 per cent of the total UK workforce by 2022. The numbers of over 65s in the workforce increased by 19.5 per cent between the first quarter of 2008 and the fourth quarter of 2010.
Growth in the number of over 65s working full-time was slightly higher at 20 per cent than the 19 per cent in those working part-time – however, part-time workers were more than double the number of full-time employees. Changes in State Pension Age – which will rise to 66 between November 2018 and October 2020 – will further increase the numbers working past 65.
Primetime Retirement believes the increasing number of those working over 65s is a major opportunity for advisers and clients to investigate all income options at retirement in order to retain flexibility.
Around two-thirds of those in work after reaching the age of 65 have been with their current employer for ten years or more, analysis shows. Men are more likely than women to work full-time past State Pension Age, research shows. Around 4.6 per cent of men work full-time while 7.3 per cent work part-time compared with 3.6 per cent of women working full-time and 8.9 per cent working part-time.
Primetime Retirement is seeing strong demand from advisers and clients looking for increased flexibility in income solutions as they look to stay in work, especially amongst those who are in good health who do not yet qualify for any medical or lifestyle enhancement to a Lifetime Annuity rate.
More details are available at: www.primetimeretirement.co.uk