With a significant amount of people retiring without a pension, according to new research published this week by Prudential, it’s no surprise that new figures from the Office for National Statistics (ONS) show a doubling of the numbers of women leaving work after 70, and a similar jump in men doing the same since 2012.
The exact figures are: the number of women leaving the workforce after age 70 increased from 5.6% in 2012 to 11.3% in 2016 – a jump of 102%.
While for men, 10% of those leaving the labour market did so over the age of 70 in 2012 - a jump of 55% to 15.5% in 2016.
Nathan Long, senior pension analyst at Hargreaves Lansdown, says: “This jump in those leaving work over 70 may simply be through individual choice; workers should be encouraged to work as late in life as they are able and feel is desirable.
“However it is also a reflection of the increasing strain on the pension system. The best days of well-funded early retirement are behind us. The risk to employers is of a workforce trapped in jobs they don’t want to do, which will inevitably impact on productivity.”
It goes without saying, but the earlier you start to think about retirement, the more you’ll benefit in later life, partly due to compound interest.
You can use an Isa to boost your retirement fund, too. Here, any gains made or interest earned are tax free.