A survey conducted by retirement experts LV=, has discovered that many people choose to work after they have reached retirement age. Many retirees choose to phase their retirement, reducing the hours they work gradually to become used to lifestyle change.
Two thirds of adults of pension age continue to work. The survey conducted by LV=, has determined that those over the age of 60.
Now, only one in three adults of pension age in the UK no longer work. The survey reveals that those in the UK aged over the age of 60 work and average of 24 hours a week – cutting back on working hours over time.
The survey further revealed that of those over 60 still working, 35% are planning to phase their retirement. Methods cited for doing this are cutting back on hours or working part-time, taking on consultancy work or taking up some voluntary employment.
The increase in the number of people opting to work into retirement can be attributed to two main reasons cited in the survey. 49% of those continuing to work are looking to top up their retirement income. However the most prominent reason was simply that they enjoyed working, cited by 52% of survey participants. Moreover 42% of participant believed they did not feel old enough to stop working, and would not be held back by their age.
In addition, there has been a rise in pensioner entrepreneurs, who use their new-found free time to start a business they have always thought of but never had the time.
Managing director of life and pensions at LV, Richard Rowney, said:
“Many people in their sixties and seventies enjoy their jobs and are keen to remain active in later life. However we cannot ignore that for others, their financial situation means they have to continue working – or even go back to work after retiring – because they simply cannot afford to stop. With the nature of retirement changing it is important that people have the income flexibility they need in later. We would encourage those approaching retirement to seek financial advice to ensure they are able to make the most of their savings and pension funds and select the best retirement income solution for them.”
With the number of older workers in the workplace increasing, it is important for employers and employees to be aware of the law regarding age discrimination.
Acas have provided comprehensive guidance outlining the law in this area covering what amounts to discrimination, and providing guidance for both employers and employees.
If you feel you may be subject to age discrimination, are suffering harassment in the workplace or for any other advice relating to employment law, Employment Law Aberdeen can help. To get in touch please call 01224 370 208. You can also complete our online enquiry form.
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