RECORD NUMBERS OF OVER 65s IN EMPLOYMENTWednesday 15 August 2012
Poor pensions and rethinking retirement help redefine later life work Dr Ros Altmann, Director-General of Saga, comments on the ONS Labour statistics showing the highest ever employment rate amongst over 65s:
RECORD NUMBERS OF OVER 65s IN EMPLOYMENT
“It is great news to see an increase in employment due to the Olympics and also a rise in the number of over 65s in employment. Many older people are increasingly choosing to stay at work, often part-time so that they ease more gently into retirement. This way retirement becomes a gradual process, rather than a sudden one-off event and they can have a better work-life balance, with more income for their later years and more chance to save for old age.
“There are, of course, many more people now aged over 65 but also those coming up to retirement may be finding their private or state pensions are not as good as they had hoped - meaning they have to stay at work if they want a reasonable income. This may be especially true for women who may have returned back to work from taking time off and have very little pension provision.
“Generally though these figures should be seen as a indicator that we are redefining retirement. By encouraging the opportunities of working longer, we can ensure older people contribute to economic growth and generate an income for themselves while making retirement more fulfilling.”
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