Are you looking forward to putting your feet up when you reach retirement age, or will you be one of the growing number of people who keep working?

According to new research from insurance firm LV=, more people in the UK are working beyond retirement than ever before.

Not only that, it turns out relatively few people are doing it just for the money.

In a survey of 1,523 adults conducted as part of the company’s State of Retirement Report, LV= found that 87% of people aged 65 or over are happy to be in employment.

Two in five (40%) work out of choice and only 11% say they have to work because they need the money.

In 2013, LV= found that only 74% of retirees were happy to still be working and 26% were unhappy.

Many people are staying active and remaining at work because they want to

John Perks, managing director of retirement solutions, LV=
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The way we enter retirement is also changing, with 14% of people opting for semi-retirement by gradually reducing their hours at work.

LV= says people need access to regulated financial advice when they retire. Image by Monkey Business Images/Shutterstock.com
 

Despite work being a choice for many retirees, 55% of those approaching retirement are concerned they won’t have enough saved and 56% think they’ll need to find income from other sources.

LV= says it’s important both for people to start saving as early as possible and for them to have access to regulated financial advice when they retire.

It also said the government’s pension reforms have given people the freedom to access their money when they want and means they are no longer tied into buying an annuity.

John Perks, managing director of retirement solutions at LV=, said: “Many people are staying active and remaining at work because they want to.

“But with large numbers approaching retirement worried they won’t have enough saved, there is a risk that the next generation of ‘Grey Collar Workers’ will have to work out of necessity. 

“The pension freedoms have given older workers more flexibility to choose the type of retirement they want, and how they fund it, but with more choices than ever before it’s important to plan both before and at retirement. 

“People approaching retirement need access to affordable, regulated advice to help them shop around and get more from their money, giving them the freedom to decide how long they want to keep working.”