Fewer over 55s plan to give up work when they reach retirement age as millions feel they need to keep earning to supplement their pensions.
For a long time, the generally accepted retirement age has been 65 years old, but attitudes of older workers have changed and they no longer view the milestone as the time to stop earning.
More than half of over 55s intend to keep working because they do not consider they are old enough to retire at 65, says a new study from financial firm Scottish Widows.
The research also revealed 44% of over 55s need to keep working because their pension is unlikely to provide the income they need.
However, one in four are worried about their health if they stay in work as they age.
Changing attitudes to retirement
The report also suggests 45% of over 55s have no plans to retire which supports the view the traditional work until you are 65 then go into retirement approach is gaining less traction with older workers.
Official statistics show that more than a million over 65s have chosen to work full or part time since the default retirement age was scrapped in October 2011.
The study showed 54% of those choosing to carry on working past retirement do because they do not feel old enough to stop.
Another 24% enjoy working, while 17% of men and 10% of women felt personal independence in later life improved their family relationships.
Of those working because they need more money than their pension offers, 13% are paying down debts or mortgages, 24% save less due to the rising cost of living and 33% have cut the cash they spend on leisure.
Family concerns
Families told researchers that they have worries about the health of the over 55s who are juggling with their work life balance.
A quarter were concerned about the health implications of working, including stress, while 18% felt they could spend less quality time together.
One in 10 felt if their older relatives could work, the financial issues for families were eased as the over 65s needed less support from stretched budgets in later life.
Fewer over 55s plan to give up work when they reach retirement age as millions feel they need to keep earning to supplement their pensions
About John Cassidy
