A survey has found that nearly half (44 per cent) of people aged 65 and over who were still working are planning to continue to do so until they are at least 70.  Nearly one in three (29 per cent) anticipates delaying full retirement for longer than they had originally planned and over one in five (21 per cent) said they would never retire.

The survey of 450 adults aged 65 and over was conducted by ICM for the financial planning company Heartwood Wealth Management.

When asked about the reasons to delay retirement, one in three over-65s (32 per cent) cited a fall in the value of their pension and 27 per cent blamed a higher cost of living. A further 24 per cent said their children still required their financial support and 8 per cent were concerned about the increasing costs of medical care.

Heartwood estimate that around 40 per cent of over-65s, equating to more than a million people nationwide, are still either working full time or in semi retirement and plan to continue for more than the next seven years.

Simon Lough, Chief Executive of Heartwood, commented:

“While the Government has chosen to position ending the Default Retirement Age as a victory for older people against age discrimination, the sad truth for many is that they’re not working through choice but because they can’t afford to stop.

“While the current crop of working seventy year olds is still in the minority, this trend will rapidly spread through younger generations. The only way to avoid being forced to continue working is to start saving earlier and treat retirement planning as a 40 year engagement.”

According to the Office for National Statistics, nearly a third (29 per cent) of people aged 65-69 who are working are self-employed.