Growing concerns on how to support expanding senior community
San Francisco, CA -- (SBWIRE) -- 01/08/2013 -- Nearly a quarter of residents aged 65-74 are still within the workforce, and many blame the lack of money on the decision to stay busy earning money, according to new research.
A three-year study reveals that the rising number of those continuing to work past the age of 65 is not a short term phenomena.
In the research by Aviva, nearly 14,600 older individuals quizzed in the span of three years were surveyed on the age at which they stopped working.
Two years ago, the first year such questions were posed, 18% of individuals aged 65-74 years old were still working. That number has increased to over 23%, which is an all-time record.
For many of those still working, continuing to do so is a positive choice, as they enjoy their job and wish to remain active. There are, however, many others who are being forced to continue working simply because they have no pension, or do not have enough money to sustain comfortable retirement.
The National Pensioners Convention warns that many older workers are ordinary working-class persons who cannot earn enough for basic necessities.
The official figures show close to 1 million individuals aged 65 or older are working. That is the largest number since surveying began 20 years ago.
Rogers Marsden, who heads “At Retirement” at Aviva, stated ‘What we are seeing is the first baby boomers setting out a new model for later life. They are getting the most out of their improved physical health and the freedom to continue working for longer.”
He continued, stating, ‘Many people find that staying active in a job helps to keep them young at heart, with the bonus being that it boosts their earning and savings potential in the process.’
Pressure on the younger generations to assist this growing number of individuals who must work but cannot find any is a troubling financial problem down the road.
At present, a man may start claiming his State pension at 65, and a woman can start to claim her pension at 51. Both these ages are being increased. By 2020, the ages will be 66 for both genders.
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