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Delayed retirement plans 'to continue to 2025'

19 June 2012

New research has found the growing trend for older individuals to delay their retirement is set to continue for at least the next decade.

According to the data collected by Saga, 27 per cent of people over the age of 50 are planning to remain in their roles beyond 65, which may be for a wide range of reasons.

But for those who do not want to have to carry on working in order to supplement their financial situation, equity release schemes could prove to be an attractive option.

Products of this type allow homeowners aged between 55 and 95 to unlock some of the money that is trapped in the value of their property and spend it on whatever they like, from clearing debts and helping out family members to buying a new car or a memorable holiday.

Londoners

Some 28 per cent of the men surveyed by Saga indicated they are expecting to work on beyond 65, compared to 25 per cent of the women, while individuals in London were more likely to be planning to continue in their jobs than those living away from the capital.

Chief executive of Saga Services Roger Ramsden stated while many are electing to remain at work past the age of 65 in a bid to boost their standard of living and raise more money for their retirement, some decide to do so for their own enjoyment.

He said: "It is important that those planning retirement are aware of their options, which could be the difference between retiring when they want to, as opposed to when their finances determine they need to."

Official figures

Those comes shortly after the release of figures from the Office for National Statistics highlighted the fact the number of people staying at work beyond 65 has been rising for the last two decades, with 1.4 million older workers in 2011 compared to 753,000 in 1993.

Those who want to learn more about how they can unlock money from the value of their property may find it useful to use the equity release calculator from Key Retirement Solutions.

Posted by Claire Ford