Long term care concerns to prompt working beyond retirement age?
Posted on 16 February 2011
Concerns about paying for long term care may be motivating those Britons due to retire in 2011 to work beyond their pension age.
Nearly two-thirds of those Brits who had originally planned to retire this year are postponing their pension in order to boost their retirement income, according to research by Prudential.
A third (32 per cent) would consider working up to another two years if it guaranteed them a greater retirement income, while one in ten would work for up to a decade longer if it offered them more money in their twilight years.
This decision could have serious implications for long term care plans, although could make life easier for those concerned about how they will be paying for care in their old age.
Prudential's Vince Smith-Hughes explained: "The only realistic option for people who want to avoid having to continue to work beyond the traditional retirement age, is to save more and to start saving earlier."
However, he noted that some people will actually relish the opportunity to stay in their jobs for a little longer, as it helps to keep them "occupied and mentally active".