Million women forced to work after retirement
Research reveals that financial requirement has lead to the compulsion of women over 50 to work past their retirement. Around 75% of the existing workingwomen population also seem to have plans to work past retirement. This sums up to a figure of 4.1 million of the total women population, according to the LV reports.
On the other hand, men too have similar plans to continue working past their retirement age and this works up to approximately 52% of men population, which is about 2.4 million. There has been a considerable increase of around 43% since 2010. The figure seems to have increased from 4.5 million in 2010 to 6.5 million in the current year.
The sad part is over 50% of the population who choose to work after retirement, are left with no choice but to work for financial reasons while a few seem to make this choice for the joy of it. However, around 36% who choose to work after retirement age state
Nevertheless, men who continue to work after retirement seem to work for one year more than women who work after retirement. London is considered to rank high where people work for an average of 7.4 additional years after retirement while Scotland ranks the second where people work for an average of 7.1 additional years after retirement age.
The head of pension department Ray Chinn, LV stated that the government would do the needful to increase the age of state pension, which will bring down the number of people who are forced to work after their retirement age. Though few people who have plans to work after retirement age feel too young to retire, majority of them feel they are forced to work for financial compulsions.
Government is taking measures to tackle the pension crisis. However, the greater concern is that working people do not plan and save enough for their future, which leads to the compulsion of working after retirement age.