One in eight men aged 65 and over continue to be having to work because Britain’s retirement benefits crisis means more and more of us tend to be shelving retirement plans.
The record-breaking figures highlight a uncomfortable trend whereby pension is a dream, not a reality, for hundreds of thousands of workers.
They come amid fears the country’s army of older workers will simply continue to go up.
Of the whole populace in men aged over 65, an archive 11.7% have a job, the highest-ever rate among this age group, according to the Office for National Statistics. The amount is rising by about 180 every day.
The majority – nearly 60% – of these males are working part-time. Just a decade ago, just one in 15 men older than 65 had a job.
Experts say most of those even now working have no choice because they have no pension plan, few savings, and are indebted. Many are also part of the ‘sandwich generation’, squashed between the financial problems of their elderly parents and adult children.
Lord McFall, the former Labour MP that is chairing a study to the personal sector pensions crisis, said: ‘Half the workforce is on a collision course with a long retirement spent in poverty.’
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