Pensions provider Prudential have revealed that more and more people are not delaying their retirement in order to keep working and building up a larger pension fund.
With people living longer and annuity rates falling many people are getting towards a traditional pension age still feeling healthy and enjoying work.
This, coupled with the fact their pension pot won’t stretch very far is encouraging them to stay on at work.
Research from the firm showed that as many as 38% of savers on their books were staying on this year, despite reaching retirement age.
Head of Business Development, Vince Smith-Hughes revealed, “The only realistic option for those who want to avoid having to delay their planned retirement is to start saving as much as they can as early as they can.”
The report went on to show that those due to finish working this year had expected to retire at 62, but were now continuing until after their 68th birthdays.
They also revealed that 35% of people who retire in 2011 will do so with an income which puts them below the poverty line.