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17 Feb, 2012 - One in eight women work past 70 in the UK
One in eight women work past 70 in the UK
According to official figures published yesterday by the ONS, an astonishing one in eight women and one in ten men in the UK continue to work until past the age of 70, as Britain is hit by a retirement revolution.
In the report, titled Pensions Trends, the ONS revealed that 12.5% of women workers and 10.1% of working men do not leave the labour market until they are between the age of 70 and 75. The figures come as an increasing number of individuals who reach retirement age are being forced to work well beyond the age bracket when their parents or grandparents retired, due to a chronic lack of pension savings. The ONS also said that Britons will be increasingly likely to continue working beyond the traditional retirement ages.
UK Pensions Minister Steve Webb said that, “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 UK is not saving enough for its old age so this trend is likely to increase”, he added.
If you wish to learn more about pension planning and start planning for a retirement that you deserve, speak to a deVere Financial Adviser today.
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