Debt advice news: Millions consigned to working beyond retirement age

23/12/2009

Personal income worries and a lack of savings mean that millions of Britons are set to work well into their 60s or 70s, a new study has found.

Research carried out by the Department of Work and Pensions (DWP) found that just one in four workers over the age of 50 now plan on retiring early.

In comparison, the same proportion of those polled revealed that they intend to work for a few years after the age at which they can draw on a state pension, with financial considerations, such as the need to deal with housing debt and bills, the main factor behind this attitude.

On a more positive note, 21 per cent of those planning on staying on in the workplace intend to do so as they like their jobs, with one in five believing that staying in work will keep them feeling younger and more healthy.

"The idea that you reach state pension age and suddenly stop work is being challenged by our generation of baby boomers, with many not feeling old enough to stop work completely," explained the minister for pensions and ageing society, Angela Eagle.

At the same time, the Liberal Democrats have called the government 'Scrooges' and argued that the personal income worries of many older Britons have been made worse after it was confirmed that pensioners are to get a Christmas bonus of just £10 this year.

Tags; Income Worries and Debt,

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