New research shows that many upper age limits on insurance offerings are out of touch with the real world.
6.1 million of today's over-50s expect to work past the current state retirement age, according LV=. On average, those planning to work past state retirement age will work for an extra six years, which could see them retiring at 71 for men and 66 for women based on today's retirement age.
Ray Chinn of LV= says: "The trend of people retiring well into their 60s, or even their 70s, has been increasing slowly over the last few years. The rising cost of living, low interest rates on savings and the fact that as a nation we are living longer has had a significant impact on our retirement aspirations, and the amount of money we need to live a comfortable retirement. Our findings have shown that a significant number of over-50s expect to work many years past the state retirement age, and we are likely to see this increase further."