Working beyond pension age

Employers should prepare themselves for a significant growth in the number of people working beyond age

Alan Ross, who started a new business in retirement

A survey by Aon Consulting found that more than threequarters of adults currently in work expected to work beyond the age of 65.

Just over half (53%) said they would need to carry on working to increase their pension, and a quarter said they wanted to work because they liked work.

Only 22% said they would not work beyond 65 in any circumstances. At present, only about one million people work beyond 65. But Jon Beaumont, a Human Resources consultant at Aon, says these figures imply "there will be three times that number working or at least wanting to work after that age."

And he warned employers to prepare for the idea.

"As the Baby Boom generation heads for pension age, the number of people aged 55-64 will fall while the number of over-65s grows.

"So there may be a gap to fill."

10 ways to make money in retirement
From running a B&B to writing a book about your area of expertise, here are some novel ways of making a tidy sum of extra cash
Read on
Coping with a younger boss
In the office minefield of how to cope with a manager who may be many years your junior, Angela Neustatter reveals how older workers can find fulfilment by sharing their knowledge and experience
Read on
Five tips on how to make the most of a business break
When you start and grow a business, you’re involved each day in the detail of running the business; perfecting customer service, ensuring positive cashflow, making new products, and so on. This is all good and right but to plan for business growth, it’s important to step away from day-to-day affairs and take a good look at the business from a distance
Read on
Older people are working longer
More than half of the baby boomer generation expect to work on into retirement age, a survey shows
Read on
Default retirement age: stroll to the beach, not jump off a cliff
Emma Soames, editor-at-large of Saga Magazine, says the real challenge surrounding the scrapping of the default retirement age is to make the process a painless adjustment, rather than a plunge into the unknown
Read on

Annuity service
Up to 16% more retirement income through the Saga Annuity Service provided by Legal & General.
MORE INFO
3 Year Fixed rate ISA
Available now for cash ISA deposits for the 2011/12 tax year.
MORE INFO
Fixed rate savings account
For simple lump sum deposits designed for those looking for an attractive fixed rate.
MORE INFO