Keep working after the State Pension Age for better health, greater wealth and more happiness is the message from the Department for Work and Pensions. This advice is based on an analysis of three national surveys, the Labour Force Survey, the Family Resources Survey and the British Household Panel Study.The analysis report found that 76 per cent of men and 71 per cent of women who worked beyond State Pension Age described their health as either ‘excellent’ or ‘very good’, compared with only 50 per cent of non- workers. It also found those who continued to work longer were better off financially, with much higher percentages of workers than non- workers reported they were living comfortably and saving money. The report acknowledges that the decision to continue to work longer may be influenced by a variety of factors, such as a desire to retire at the same time as their partner.
Working past State Pension Age is much more common among those who are still working when they reach normal retirement. This suggests it is difficult for older workers who leave the labour market to re-enter it. It is also more difficult to continue working for employers with more than 50 staff.
The Department is determined to help more people carry on working until they are 65 and even beyond. It believes that a wealth of talent and experience in the workplace is lost as people stop working too early. It proposes to crack down on discrimination and sharpen incentives to help older people remain in work.