Four Reasons to Continue Working past the UK State Pension Age


A significant portion of our national workforce is driven by people in their 50s and above. And more people are continuing to work even after reaching the state pension age of 65. A 2019 study shows that one in twelve persons over the age of 70 is still working – nearly double the figure from ten years ago.

If you’re approaching retirement, you might be wondering why many older people continue to work, and whether it’s something you should consider too. Here are four common reasons to remain in the workforce.

Financial needs

Many individuals who continue to work past the retirement age do so for a simple reason: they need to make ends meet. With the average life expectancy in our nation exceeding 80, it’s quite likely that a potential retiree would face 1-2 decades of living off a pension.

For some of us, that might warrant putting in additional years of productive effort to top up on life savings. In an uncertain economy, you never know when you’ll need more funds to cover a major expense. Work with a whole of market mortgage broker to find the right financing solutions, and use the income from working to help pay off debt and ensure your future stability.

Increased pension

Working past your state pension age can also offer the parallel reward of increasing your pension when you do decide to claim it. If you still feel like you have the physical condition to maintain a regular work routine, then keeping it up for a few more years will lead to a larger state pension.

Some employers may also provide additional considerations for their older employees, such as the option to work from home in full or part-time. You can check the specifics with your employer, and also get an estimate of your state pension entitlement by contacting the Pension Service.

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Social and health benefits

While workplace stress and competition can have many employees looking forward to their retirement, the flip side is that retirees can suddenly become disconnected from their peers, and from the mental and physical stimuli that the work environment provides. The decrease in social engagement and overall activity can, in turn, be a risk factor for health issues.

You don’t need to work full-time or at the same company you’ve been working for. As long as you find a job that keeps you engaged, you can continue to reap the benefits of an active lifestyle.

Challenge and fulfilment

Along those lines, it’s possible to pursue an entirely different career when you reach retirement age. How many people have you known who wish they had been able to follow their passion, but instead ended up working in a different industry with better pay, just to fulfil their financial needs?

Reaching your retirement age doesn’t have to spell the end of the road altogether. It could be time to draw the curtains on your first career and try your hand at something different, which is more in line with your interests. Occupations such as teaching or counselling benefit greatly from age and experience. You can continue to challenge yourself while also giving back to your community, and experience the fulfilment of a satisfying second career.

While everyone who’s reached the state pension age is entitled to sit back and enjoy their retirement years, these are just a few good reasons why many of us will also continue to work and be productive for a long time to come.

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