The Office of National Statistics (ONS) shows that older workers in the UK doubled from 753,000 in 1993 to 1.4 million in 2011 according to the official figures.
By older workers I mean people that have gone beyond pension age as they know that they cannot survive in a comfortable manner on their state pension.
The increase in older workers is due to the fact that people are living longer compared to 50-60 years ago and these people are known as The Baby Boomers !!
Older people are more active these days also and want to remain that way allowing them to work beyond pension age.
The Reality of a New Retirement
As quoted by retirement expert at the Prudential, Mr. Vince Smith-Hughes, “The figures reflect a permanent change”.
He also said:
“There is a new retirement reality taking shape across the UK, as an increasing number of older workers make the decision to continue working past 65.
“More than 10 per cent of people who had planned to retire this year are making alternative arrangements and putting off drawing their pension for the time being.
“This is driven in part by a desire to remain physically healthy and mentally active, but also to ensure they have sufficient funds to meet rising living costs and provide for a comfortable retirement.
“Those retiring at 65 will face an average of 19 years in retirement which makes the financial and social benefits of working for longer an even bigger draw.”
Pensioners in UK Amongst The Poorest In The EU
Figures show that pensioners in Britain are amongst the poorest in Europe.
More than a fifth – 21.4 per cent – of over-65s are at risk of poverty, compared with the EU average of 15.9 per cent.
This places the UK fourth on a list of pensioner poverty in the EU, behind only Cyprus, Bulgaria and Spain.
People are defined as at risk of poverty if their disposable income is 60 per cent or more below the national average.
Overall the UK has the tenth highest rate among the 27 EU member states – in 2010 17.1 per cent of the population were classed as at risk of poverty, equivalent to 10.7 million people.
One in 10 people of pension age are either working or looking for a job, official figures show.
“This trend is likely to continue, as the age for women’s state pension eligibility increases to align with men by 2018,”
That is why a lot of older people who are retired or near retirement age are now looking to work online in some kind of network business. There are many ways for these pensioners to boost their pensions as I have done myself.
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