1 in 4 people think they will be working at age 70

More than one in four people think that they will still be working in some capacity once they reach 70, according to Aegon.

Aegon asked a panel of 700 consumers aged 18 to 64 to explain how they believe factors such as work, health and caring responsibilities may influence their financial well-being by the time they reach age 70.

The survey, planned to mark the 70th anniversary of the NHS, found that 26.9 percent of respondents think they will be working either full or part time at age 70, with women (24.5 per cent) slightly less inclined than men (27.5 per cent) to push back retirement.

The insurance company also found that 45.8 per cent of people believe they will still be fit and healthy enough to work if they choose to when they reach 70, while 65.7 per cent believe they will be physically active at age 70 and 62.6 per cent believe they will be mentally agile at age 70.

Nearly three quarters of those questioned are confident that they will be financially stable at 70.

Aegon pensions director Steven Cameron said: “ONS statistics show life expectancy at 70 is almost 15 years for men and almost 17 for women, meaning people are living well beyond their 70th birthday. Our research shows they are also expecting very different lifestyles in later life.

“It’s clear that people no longer expect to retire at as early an age as their parents, and the state pension age is not the defining retirement moment at which they stop work. For some, working beyond the past traditional retirement age will be a lifestyle choice, but for others who put off planning ahead, it could be a financial necessity to cover living costs.”

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