More Brits expect to retire in their 70s

Published by Hannah Nemeth on 22 March 2018.
Last updated on 22 March 2018

Older lady working

The number of employees who expect to work in their 70s has almost doubled in seven years, according to new research.

The Retirement Expectations study, which explores individuals’ attitudes to their health and retirement benefits, found that the number of workers who anticipate working over 70 has risen from 17% in 2010 to 32% in 2017. Researchers also found that 70% of employees believe they will be much worse off in retirement than their parents’ generation.

The report, published by LifeSight, Willis Towers Watson’s UK defined contribution multi-employer pension trust, found that younger staff were more resigned to working into their 70s, with 44% of those under 30 expecting to do so, compared with 29% of 40-somethings and 20% of 50-somethings.

More worrying, the thought of retiring later seems to impact on workers’ health and stress levels. Of those who expect to retire in their 70s, 29% admit to being highly stressed and 34% say they are in poor health, compared to 10% and 18% respectively of those who are set to retire before they are 65.

David Bird, head of proposition development at LifeSight, says: “The fact that people are retiring later is not bad news in itself, as many studies have revealed numerous benefits associated with working longer. But it’s worrying that many who are expecting to retire later are not doing so out of choice and are therefore more stressed and less engaged with their job. This is not just problematic for individuals, but also for businesses. Employers need to harness their experienced talent in the right way to create a productive and happy workforce.”

The research of around 2,800 employees in medium and large private sector firms in the UK, found that 44% plan to retire from their main job, but keep working part-time before retiring completely, with almost half (49%) of those under the age of 40 planning to do this.

Mr Bird adds: “Businesses need to think about whether their benefit programmes are fit to support an older workforce and provide a productive transition into retirement. Creating an environment where workers feel comfortable discussing their needs and options as they near retirement age, such as flexible working arrangements and upskilling, is important. In addition, giving employees access to the tools that enable them to effectively plan for their retirement is also key. This will not only help ensure that people can retire when they want, but that they are productive employees for as long as they choose to be part of the workforce.”

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Let's face it, this is

Let's face it, this is exactly what this government want. Shift the pension age so high that almost no one lives long enough to claim it. Make your own decisions, and your own provision to suit you. People working full time until they are 70+ will not live a long and healthy retirement. Average UK number of years in healthy retirement ( based on 65 and 60 as retirement ages) is 72.3 years old. Imagine how that will fall when the figures are calculated with women and men working to 66. Then to 68 and certainly eventually to 70. A legalised Ponzi scheme

More like they are being

More like they are being forced to retire in their 70s thanks to wage stagnation, poor pension and the Tory party raiding pensions/letting companies get away with plundering pension schemes!