A new generation of 'Wearies' - Working, Entrepreneurial and Active Retirees - is likely as a result of inadequate retirement incomes, says Friends Life.
The research, conducted by Future Foundation for the insurer, identified this group as working in a self-employed capacity into their 70s and beyond.
Martin Palmer, head of corporate benefits marketing for Friends Life, said: 'We're expecting the traditional image of the pensioner with slippers and rocking chair to change completely."
The research found half (51%) of current retirees are prepared to do part-time work to boost their pensions while 75% of those yet to retire expect the same outcome.
Those currently working would sell unneeded possessions online (59%), run a small business from home (34%), carry out odd-jobs such as gardening for neighbours (21%) or rent out a spare room (33%) to generate income, as they are phased out of the traditional jobs market.
Palmer explained: "Many will not have saved adequately for a secure retirement and, with years of fiscal austerity taking their toll, by 2020 many people in their 70s simply will not be able to afford to give up working. Necessity is the mother of invention and ‘Wearies' will be among the most innovative and entrepreneurial contributors to the UK economy."
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