Retirement Not Possible for Thousands of Brits in 2017

There are thousands of people throughout the United Kingdom who are ow expected to have to work

well past their state pension age. The generation boom in the late 1950's has shown that thirty five percent of men and twenty six percent of women are under the impression that they are going to have to continue working over the age of sixty six and will not have the financial stability that they need to retire at that point, forcing them to work for longer, which many companies just aren't prepared for.

Those in their fifties who work in low earning positions are among those who will have to work well into their sixties and past their pension age. Data from a National Child Development Study was used to identify that seventeen thousand people born in March 1958 were followed to identify the overall impact of pensions and retirement moving forward.

Health was proven to be the major factor which linked people stopping work at a earlier age and low incomes. This is due to the fact that those with low income positions were more likely to have poor general health, poor mental health or be disabled. It also showed that those who are not well-off were more likely to not be working by the time they reach mid fifties.

Age Friendly Employment Policies

The report identified that if there are so many people who are going to be working later into their lives, companies need to focus on age friendly employment policies and practices to ensure that these employees can manage the workload effectively, such as part time solutions or shift work, for example.

State Pension Age Raised

It was in July this year that the government advised that they would be raising the state pension age for those who were born between 1970 and 1978 to the age of sixty eight. This new age affects those who were born anywhere from 6 April 1970 to 5 April 1978.

Over the years life expectancy has increased and therefore pensions have to cover people for longer. Currently men and women will remain the same retiring at age sixty five and this will remain in place until the end of 2018. Thereafter the age will increase to sixty six until 2020 and then increase again to sixty seven in 2028.