Younger generation given pensions 'wake-up call'

Financial planning May 16, 2013 by Mark King

A leading financial adviser is calling for people to start paying into a pension before it's too late, in the wake of government figures that show a huge leap in the number of over-65s who are still working.

Nigel Green, deVere Group's chief executive, said figures from the Office for National Statistics (ONS) that show the number of working over-65s has leapt 10 per cent in the last year, should 'serve as a wake-up call' to younger generations to put more aside for their retirement.

The number of people aged 65 or over in employment rocketed from 890,000 in the first quarter of 2012 to just under a million in the first quarter of this year, the ONS data shows.

Green said: 'Naturally, it's hugely positive if the over-65s who are working past the traditional retirement age are doing so because they choose to, but it's totally different if they're being forced to carry on working as they can't afford to retire.

'With this sharp year-on-year increase, I suspect the majority are working because they have to. These figures should serve as a wake-up call for younger people to ensure that they are putting enough aside for their mature years.'

He added that people who fail to do so will probably have to work longer than they had anticipated, or potentially have to compromise their lifestyle during retirement.

This story was written by our sister website Moneywise

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