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Expectation of working into 70s and 80s increasing

28 May 2019

Almost a third of UK workers believe they can work into their 70s, according to new research from AIG, with over-55s most confident about retiring later.

Thirty-one percent of those surveyed as part of AIG’s nationwide study said they expect to be physically capable of doing their jobs into their 70s, with one in 14 confident they could continue to work beyond their 80th birthday.

AIG said the results demonstrated the impact rising life expectancy and health improvements are having, as people adapt the way they work and live.

Almost half (47%) of people believe the current average 21 years spent in retirement is the right amount of time, although one in seven (14%) felt it was too long, with this number rising to 28% among Londoners and dropping to a low as 8% among those living in the North East. Conversely, one in four (25%) felt 21 years was not long enough.

AIG’s research found on average people expect to live to nearly 82 and remain healthy and active until around 77 years old. Nearly one in five (18%) believe they will live past 90.

Donald MacLean, chief financial officer, AIG Life, said: “Retirement has changed massively in recent years as improvements in life expectancy and health changes plus changes in the law means millions are living longer and can work longer if they want to. It is interesting those closest to hitting retirement, the over-55s, are the most confident in retiring later.”

He added: “Children born today can in many cases expect to live to see their 100th birthday which means people need to consider how they will protect themselves and their families financially in the years to come in case their plans are disrupted by illness. Many of us may want to stop work as early as we can while others will be happy to keep working as long as they are physically able to.”

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