NUMBERS of people working past the age of 65 could hit the two million mark within the next 10 years as people live longer and the state pension age goes up, according to a forecast from retirement income specialist Primetime Retirement.
Over the age of 65 workers will more than double from the current 870,000, hitting 1.83 million or around 6 per cent of the total UK workforce by 2022, says the company.
The numbers of over-65s in the workforce increased by 19.5 per cent between the first quarter of 2008 and the fourth quarter of 2010, Primetime Retirement analysis shows.
Changes in state pension age – which will rise to 66 between November 2018 and October 2020 – will further increase the numbers working past 65.
Primetime Retirement marketing director Stuart Wilson said: “The numbers working past 65 have increased substantially in the past decade and that growth can only continue as changes in employment law and state pensions mean more will have the opportunity to stay in work.
“Retirement income solutions have to adapt to the new reality and current solutions will not be suitable for all. Those who are in good health and still working want to keep their options open in retirement and need retirement income solutions which are flexible enough to adapt.”
Around two-thirds of those in work after reaching the age of 65 have been with their current employer for 10 years or more, analysis shows.