New figures from the Office of National Statistics show that the number of people working past the state pension age is higher than ever before at 1.301 million.  Over the last three months alone the figure rose by 3.6 per cent, as 45,000 people chose to carry on working.  Of those 29,000 are men and 16,000 are women.  Over the last year the figure has risen by 8.8 per cent as 44,000 men and 61,000 women chose to continue to work.

Chris Ball, Chief Executive of The Age and Employment Network said: "It's clear from the new record level of 1.301 million of people over state pension age who are working, that the traditional views and patterns of work and retirement are breaking down.

"The Government should recognise that for various reasons a rapidly increasing number of older people want, or need, to go on working if they are to avoid the 'vulnerability trap' and risk being impoverished in retirement.  It should do everything it can to avoid this happening by actively removing the barriers which prevent people working on.”

He added: "Being able to productively make use of older people's skills, abilities and experience acquired over a lifetime, or being given the chance to acquire new skills, adopt new roles and meet new challenges, can represent a real win-win for older individuals and employers.

"Scrapping the new default retirement age would send the strongest signal that an individual's age will no longer be able to stand as the determinant of whether they can, or cannot, continue to work for their employer.”

Many people say they are continuing to work for financial reasons (63 per cent), according to Department of Work and Pensions survey on attitudes of the over 55s to work and retirement. A separate report, The Future of Retirement – Investing in Later Life released by HSBC and the Oxford Institute of Ageing revealed that only a small proportion of people are financially prepared for retirement and that working beyond 65 was the preferred option to ensure a financially secure retirement.

However, 57 per cent of respondents to the DWP survey want to carry on working because they enjoy their jobs. 

Other reasons to carry on working include keeping the mind active, not feeling old enough to stop, because people would miss work, a belief that working keeps people fit and healthy, or concerns about boredom in retirement.

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