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1 in 4 between 65 and 74 still Work

A quarter of pensioners between the ages of 65 and 74 in the UK are continuing to take a wage, despite passing the retirement age.

Research from Aviva has highlighted the fact that the workforce continues to age, and that 23pc of people in this age group were still wage earners in December 2012, compared to 18pc recorded three years ago.

Changes in the law mean that workers can no longer be forced to retire after the age of 65, following the abolition of the Default Retirement Age (DRA) in 2011, which was hailed as a milestone by those campaigning against age discrimination.

While the increase in those who are past the retirement age and continue to work could be attributed to poor performing pensions, as well as the tough economic climate, there are many who continue to work because they feel it helps to keep them young.

Roger Marsden, Head of Retirement at Aviva said: “Many people find that staying active in a job helps to keep them young at heart – with the bonus being that it boosts their earning and saving potential in the process”.

Pensions have been very topical over the last year, and there has been no hiding from the fact that annuities are struggling, leaving many up against it financially once they retire. As well as this the age people live to has been steadily increasing, which means their pension pot must stretch further once they retire. This had led to the government issuing encouragement to people to save as much as they can for retirement throughout their working life.

Starting a pension plan as early as possible is important. If you are currently employed and not contributing towards your pension, then talk to your employer and ask them about the company pension scheme. The longer you can contribute to your pension for, the more you will have at your disposal once you retire. For more information simply ask one of our advisors a question.

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