Prudential has called on employers to help with financial planning, after it discovered that the number of people who will work beyond the retirement age is due to double.
Research by Prudential has found that one million over-60s currently work to support their pensions, and that one in four people aged between 55 and 64 worry that retirement is unlikely at 60 or 65. The survey estimates that in 2.5 million pensioners could find themselves working in the next decade.
The survey also found that, on average, those between 55 and 64 did not start saving for their retirement until they were 33. Only just over a third chose to save earlier, and one in four said they never "chose to save hard" at all.
Andy Curran, business development director, Prudential UK said: "Our research suggests that the choice of retiring at 60 or 65 will no longer be a viable one for a growing number of people. Many will find that they simply cannot afford to stop working."
"We believe that employers need to play a bigger role in helping their staff with their financial planning. This could take a number of forms such as providing them with access to professional advice or even time at work to sort out their finances."
A-Day pension changes, taking place on April 6th next year, will change the minimum retirement age from 50 to 55, in an effort to make Britons save more in their pensions.
Retirement age no longer time to retire
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Retirement age no longer time to retire
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1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
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