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Grey workers increase as many stay in jobs beyond 70

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More people are choosing to carry on working beyond the age of retirement due to a lack of pension savings, new figures suggest.

One in eight women and one in ten men are now continuing to head into the office over the age of 70, the numbers which were released by the Office for National Statistics show, reports the Daily Mail.

With only a third of those working in the private sector having a company pension personal finances are making working for longer a necessity.

What is more is that those who do have a company pension typically have just £1,400 a year in it, making the prospect of not working a distant dream.

Joanne Segars, of the National Association of Pension Funds, told the news provider: “Unfortunately too many people reach retirement age only to find their savings and pension are not enough, and so they have to keep working for years longer than they imagined.”

The figures show that average retirement ages are slowly increasing and in 2004 a man would typically retire at 63 years and ten months and 61 and two months for women.

Now those statistics are 64 years and seven months and 62 years and four months respectively.

Changes to the way that company pensions work with people opting out instead of in could encourage more people to save.

The age of retirement is due to rise to 66 by 2020 and 67 by 2028 with anyone who is nine-years-old now not expected to be able to collect their state pension until they are 73.

Steve Webb, the pensions minister, said: “This is why we abolished the outdated laws that allowed employers to sack someone when they reached 65 and why getting people into workplace pensions will be so transformative.”

Offices will need to adapt in order to make sure the requirements of an older workforce are met.