By Ed Monk
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The financial crisis and our ageing population has brought about an army of older workers who are turning to taxi driving, property development and cleaning to make ends meet.
Figures released by the Office for National Statistics (ONS) today showed that the number of workers above the official retirement age has doubled since 1993, from 753,000 to 1.4million last year, with most of that rise coming since 2000.
While some of the increase is down to the high number of baby-boomers reaching retirement, the figures also showed that the proportion of workers above retirement age was rising faster than the population generally - indicating that a higher proportion of this age group is staying in work than previously.
Face of things to come: More of those above the retirement age are working - with taxi driving proving a popular choice among male pensioners.
Some 7.6 per cent of those aged above the state retirement age were in work in 1993, compared to 12.0 per cent last year.
Analysis by the ONS showed that 39 per cent of workers above the retirement age are men and 61 per cent are women. This may reflect the lower levels of pension provision for women arising because of periods out of work to raise children, as well as generally lower employment benefits than their male counterparts.
Around two-thirds of male workers in this group are in jobs classed as higher skilled, while almost two thirds of women are in lower skilled roles.
There are higher proportions of part-time work and self-employment among older workers, reflecting efforts by older people to reduce their workload in a more gradual way, rather than switching directly from full-time work to retirement.
The ONS report also suggested that improved standard of health were allowing people to work longer, but that lower incomes in retirement were also playing a part.
The property boom and rise of private buy-to-let landlords - often older people who have seen their property wealth balloon - is reflected in the figures. 'Property manager' is included as one of the more popular roles being carried out by older men.
Rise of the grey army: More people are working past the retirement age.
The most popular jobs undertaken by men after the retirement age were farming and taxi driving, while there were signs that executive level workers were choosing to work longer with high numbers of marketing and sales directors, production managers and chief executives among older male workers.
A woman's lot is harder, the ONS figures suggest, with common roles among older female workers including cleaning, administration assistance, care working and retail.
While some of the motivation to stay in work is financial, campaigners for older people said that many were choosing to stay in the labour market for other reasons.
How older people work: There is a higher proportion of self-employed and part-time workers among older workers.
Dr Ros Altmann, Director-General of Saga, said: 'Many older people are increasingly choosing to stay at work, often part-time so that they ease more gently into retirement. If they feel fit and healthy and want more money, and are able to work, they are choosing to do so.
'Saga’s research shows that many of our over 50s already want to work past
65. 71 per cent would like to work part time rather than retiring and in fact 7 per cent are already working past the age of 70. This isn’t just for the money - work satisfaction, feeling useful and the social benefits we gain from working were key reasons that people wanted to continue.'
The trend for older workers will continue, according to Tom McPhail, head of pensions Research at Hargreaves Lansdown.
'This is an inevitable consequence of more and more people arriving in their 60s with inadequate retirement savings', he said.
'This trend will accelerate over the next few years; it presents a significant challenge to individuals and employers who will need to find ways to accommodate more flexible working patterns and later retirement ages.’
The state retirement age had remained steady - 60 for women and 65 for men - for many decades until increased life expectancy forced plans to raise it.
The last Labour government drew up plans to equalise retirement ages between the sexes and then raise them for all over the coming decades.
The Coalition government accelerated plans so that the retirement age will rise to 66 for both men and women by 2020. A further rise to 67 will commence in stages from 2026.
Geographically, employment rates for older people in the regions was consistent with rates for the working population generally, with the South boasting the highest employment rates.
However, the one exception was London. For the younger population, London only ranks eighth of 12 in terms of t he employment rate, but for older people it has the 2nd highest percentage in employment, behind the South East.
This may reflect the higher cost of living and the greater variety of jobs in London which might provide an incentive for older workers to remain in the labour market.
ONS stidy shows a higher proportion of older workers in the affluent South East.
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What do you expect when you have a generation of old people who never saved properly for their retirement?
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1.4m young people unemployed and denied a start in life by those who have had steady employment post war, great stock market and property rallies to bank, MIRAS, council houses, good state pension schemes .......................... it's avoidance by many who have nothing else in life to do.
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tell me why they raised the retirement age why did they not lower it to help the youngsters into work this country is fast becoming a third rate country flog the people to death only when we stand up to the policy makers will thing improve
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