A report which has been published today (January 4th) has revealed that one in four people aged between sixty-five and seventy-four are continuing to earn a wage; which equates to an increase of five percent compared to when the first “real retirement report” launched three years ago.
Following the abolition of the Default Retirement Age (DRA) in 2011, workers can no longer be forced to retire when they reach sixty-five; and it appears that as workers look to plan ahead to retirement, more over fifty-fives are continuing to stay in work.
The report, along with revealing that one in four people aged between sixty-five and seventy-four are continuing to earn a wage, also revealed that fifty-five percent of fifty-five to sixty-four year olds are still earning a wage; compared to forty-one percent in 2010.
Along with an increase in those aged over fifty-five continuing to work, the average income of a typical over fifty-five has also increased, from £1,239 each month to £1,444, with £14,544 in savings.
However, the latest report revealed that eighty percent of those who took part in the survey cited rising costs of living as a major concern, which could be contributing to the rising number of over fifty-fives still working.
For those reaching retirement who are concerned about the rising cost of living, and for those who are looking to financially plan ahead for the future, myself and the team at Milsted Langdon are on hand to offer advice.
Our friendly and tailored advice can help find the best pension scheme for you; as well as help you make the most out of your finances both now and in the future.
Milsted Langdon Director, Peter Groves, specialises in strategic business and tax planning, services for high net worth individuals and professionals.