Over 65 and working - numbers double

Statistics just released by the Office for National Statistics show that over double the number of people over the retirement age of 65 are still working, either in full or part time employment, a trend looking set to continue.

In October to December 2010, there were 270,000 full-time workers in the UK aged over 65 accounting for 2.7% of the total population in that age group. This compared with 106,000 (1.2%) in January to March 2001.In the same period, there were 600,000 people aged 65 and over who were working part-time, some 6.1% of the age group.

There were 306,000 part-time workers, 3.4% of the age group, in the first three months of 2001.

Realistically speaking there will be fewer and fewer people who reach retirement age, financially able to do so on just the state pension, so how you fund your latter years will be and is, a major consideration.

With new regulations making it harder for companies to use age as a reason for not employing pensionable staff, the very concept of retirement may gradually disappear in a decade or so.

The subject of pensions is something individuals have very low on their list of things to do, more so in times of financial austerity but maintaining your standard of living when you retire won't happen unless it is planned for.