Feb 13 2008
Close to half of all British adults that have not yet reached pension age expect to carry on some form of employment after they officially retire, it has been revealed.
However, according to research by insurance firm Axa, the number of people who actually do work in retirement is considerably lower than those who expect to do so as they approach the end of their careers.
Only 11 per cent British retirees still carry on some form of employment and around 48 per cent of people from around the country finish working before they reach the official pension age.
Furthermore, Axa's research found that any increase of the minimum pension age would be unpopular with the majority of people who are still saving for retirement around the UK.
"It is interesting to note how many people think they will continue to work but subsequently do not, perhaps once they hit retirement they decide they want to make the most of their 'golden years'," said Steve Folkard, head of pensions and savings policy at Axa.
The Department for Work and Pensions recently suggested that many of the UK's young adults are being unrealistic about what they can expect from later life given their lack of commitment to saving for retirement.
