The has been a record increase in the number of over 65s in the workplace according to the latest ONS data.
Its figures shows an additional 173,000 over 65s joining the workforce between April and June this year, bringing the total to 1.47m. The ONS said the increase was driven by rises in part-time work, as the average number of hours worked fell.
Becky O’Connor, head of pensions and savings at the investment website Interactive Investor, says: “The record rise in employment among over 65s shows that reality is biting for people who might prefer to be retired, but can’t afford to give up work.
“During the pandemic, when savings were high and people were forced to stay at home, we saw many people bring forward decisions to give up work, because retiring early felt achievable.
“But now that inflation is rampant and stock market returns are volatile, the tables have turned, the retirement numbers don’t quite add up and older people are taking a practical approach and returning to work in their droves.”
She added that the latest ONS data suggests that many in this age group are finding part time work opportunities to suit their needs, or earning self-employed income. “Over the years, it’s likely that more people will either have to or choose to try and find a balance between working and retiring with ‘flexi-retirements’ become the norm.”
