People who have to work past their retirement age to support themselves in old age could double in the next few years, the Prudential revealed.
Their report found that people are leaving it very late to start saving for their retirement, often when they reach their 40s.
Andy Curran, business development director Prudential UK said, "Our research suggests that many people approaching the end of their working lives left it too late before they started saving seriously for their retirement, with many feeling they just can’t afford to save."
At present the Prudential estimates that there are over one million people who are working after reaching the pensionable age of 60.
In their opinion the Prudential say the figure could rise to over 2.5 million if people do not start saving earlier.
The survey showed that nearly one third of people who are working full time and aged between 55 and 64 will not be retiring when they reach the age they can start getting their pension. For those who work part time 40 per cent said they would probably carry on working beyond their pensionable age.
There were some 118,000 people between the age of 55 and 64 who did not know if they would retire once reaching a pensionable age or keep working.
The consumer group Which? and the Financial Services Authority (FSA) recently reported that workers who opted out of the second tier pension scheme had lost money.
Millions work longer to save for pensions
Financial Services > Savings > Savings and Investments News
Millions work longer to save for pensions
Wed, 05 Oct 2005
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