One quarter of workers expect to be working either full or part time by the age of 70, five years after the current state retirement age.
A new survey from Aegon has found that 45.8 per cent of people believe that they will still be fit and healthy enough to work by the age of 70, while 26.9 per cent said that they are likely to be working full or part time in their seventh decade.
Meanwhile, almost three quarters (73.5 per cent) said that they were confident they would be financially stable by the age of 70, and half (50.1 per cent) believed that they would be fit and healthy enough to enjoy their retirement fully.
“Being prepared for later life isn’t just about the amount you have in your pension, although a healthy pension pot certainly helps,” said Steven Cameron, pensions director at Aegon.
“There are other influences to consider when it comes to financial wellbeing. You can’t predict what life will have in store at age 70, but considering your future in terms of work, health and caring responsibilities will help build a realistic picture of what you should prepare for financially.”
The survey was commissioned to mark the 70th anniversary of the NHS, and canvassed hundreds of consumers on everything from their health and mental agility, to their financial wellbeing.
Two thirds (65.7 per cent) of those surveyed said that they expect to be physically active at the age of 70, while 62.6 per cent believed they would maintain their “mental agility”.
However, the survey also revealed the financial concerns that Britain’s future retirees expect to be dealing with in their seventies. Nearly one fifth of people (19.5 per cent) think that they will still be financially supporting family members when they are 70, while an additional 21.8 per cent were unsure.
“It’s clear that people no longer expect to retire at as early an age as their parents, and the state pension age is not the defining ‘retirement moment’ at which they stop work,” said Cameron.
“For some, working beyond the past ‘traditional’ retirement age will be a lifestyle choice, but for others who put off planning ahead, it could be a financial necessity to cover living costs.
“However, it’s risky to plan on working indefinitely with no fall-back plan. It’s difficult to predict your future health, particularly into your 70s meaning it’s always best to start making some financial provision for life after work as early as possible. We recommend speaking with a financial adviser who can offer tailored advice to meet your personal needs and circumstances.”