By Helen Tansley, Financial Planning Consultant, Armstrong Watson

THERE is no legal retirement age and employers can no longer force their employees to retire at a particular age - it’s up to you when you decide to stop working.

That said, according to recent figures produced by the Office for National Statistics and the British Retail Consortium, nearly three quarters (71%) of UK employees – equivalent to 23 million people – are set to work beyond their 65th birthday and a further 37% believe they will reach their 75th birthday before they retire!

Amongst those expecting to work beyond the age of 65, 71% cite the rising cost of living as a reason. Food prices in particular have been increasing at their fastest pace for more than five years – the result of last year’s extreme weather and an rise in global import costs.

A third (32%) of those who intend to work beyond the age of 65 admit that they need to continue earning a wage because their pension savings are insufficient, rising to two in five (39%) among the age group approaching the traditional retirement age of 65 (45-54 year olds).

Income protection (17%) and life insurance (16%) are highly valued benefits for employees who are considering working beyond the age of 65, while one in ten also appreciate the support of a critical illness cover (13%) or access to an Employee Assistance Programme (10%).

If you have concerns that you may be heading towards a retirement income shortfall, we are here to help you shape your personal financial journey. Please contact us for more information by emailing or call 01756 620000.