Over-50s are working longer to pay the bills

The latest figures have revealed that more people over 50 are working longer and delaying retirement.

paying bills

 

Stats from the Office of National Statistics (ONS) show that employment rose by 444,000 last year. People over 50 made up 70 per cent of that increase, including 106,000 workers aged 65 and over.

According to the latest numbers, there are now 10.4 million over-50s in work – up 30 per cent from 8 million 10 years ago. And the number of women over 65 still working has nearly doubled in that time.

So what’s driving the big increase in people working later in life? Speaking to the Daily Mail, Tom Selby from investment firm AJ Bell said, “While each individual story will be different, there are basically two categories: people who choose to work into their later years and those who are forced to.”

He continued: “For anyone who hasn’t saved enough for retirement, working until you drop will now be a grim reality.”

The increasing number of people working for longer is reflected by Government changes – from this year, the State Pension age will increase to reach 66 by October 2020. Further increases are planned to raise the official age when you can claim your State Pension to 67 by 2028.

And that’s a trend that’s expected to continue. Last year, a report from Willis Towers Watson found that a third of workers now expect to have to keep working until after their 70th birthday.

Getting your finances in order

If you’re worried about saving for later life, getting plans in place now will help you enjoy your retirement with the peace of mind that everything is taken care of. Age UK’s pension calculator can help you work out how much money you’ll need when you retire, which can help you budget for the future.

There are also ways to make sure your loved ones are taken care of after you’re gone. Firstly, make sure you have a valid will. If you die without a valid will, this could be costly and complicated for your next of kin.

Financial products such as a prepaid funeral plan can help you plan and pay for your funeral in advance. As well as letting you beat rising funeral costs, a funeral plan means you can choose how you want to be remembered. When the time comes, your loved ones will have less to worry about and won’t be left with the full cost of your funeral.

To find out more about funeral plans, visit Avalon Funeral Plans – the UK’s most trusted funeral plan provider with over 2,000 real customer reviews on Trustpilot. Avalon’s range of flexible prepaid plans.