Many might have to work in their 70s
Published on 09 January 2012 12:30 PM
Many people could be forced to work in retirement just to make ends meet, it has once again emerged.
The looming pension crisis means that many older people could be forced to work in their 70s, becoming self-employed consultants, online traders or run odd-job businesses to pay the bills.
A study for Friends Life by think-tank Future Foundation revealed that these working, entrepreneurial and active retirees ('wearies') could be forced to set up their own businesses, as they will be over the employment age but cannot afford to retire.
Experts believe that taking things easy as one becomes older could become a thing of the past, as an increasing number of people are forced to work to ensure they can live comfortably in their later years.
Some 51% of retired people quizzed said they would be willing to take a part-time job to boost their pensions, while 74% of those yet to retire would be willing to do the same.
Martin Palmer, head of corporate benefits marketing at Friends Life, said: 'We're expecting the traditional image of the pensioner with slippers and rocking chair to change completely.
'Many will not have saved adequately for a secure retirement and, with years of fiscal austerity taking their toll, by 2020 many people in their 70s simply will not be able to afford to give up working.'
Copyright Press Association 2012