Millions to work longer due to meagre pension savings

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Millions of people are postponing retirement and plan to keep working for an additional six years as their pension savings are too low, according to LV=.

The group's annual Working Late Index has revealed 6.5 million people intend to work for an additional 6.2 years, on average, post standard retirement age. This is a 43% rise on the 4.5 million people who planned to do so in 2010. The research on a representative sample of 1,521 working people aged over 50 also found that this approach is likely to be more common among women than men. More than 4 million women expect to work past the state retirement age, in comparison to 2.4 million men. However, men are likely to work for longer (6.9 years) than women (5.8 years). Half of respond...

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