The number of people working past 65 could hit the two million mark within the next ten years as increasing longevity and the need to boost retirement income drive further innovation in the retirement saving market, retirement income specialist Primetime Retirement forecasts.
Its analysis shows the numbers working past 65 will more than double from the current 870,000, hitting 1.83 million or around six per cent of the total UK workforce by 2022.
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, the 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 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 ten years or more, analysis shows.
Men are more likely than women to work full-time past State Pension Age. Around 4.6 per cent of men work full-time while 7.3 per cent work part-time compared with 3.6 per cent of women working full-time and 8.9 per cent working part-time.