When john timmis turned 65 he decided the idea of leaving job does not sound good.
‘I wanted to keep myself active and enjoyed what I was doing’ he says, sitting at his desk in his office.
‘When I stop enjoying it, that’s when I give up’.
The father of three and grandfather of 4 is one of a growing band of people who remain in work despite passing state pension age.
His motivation is not financial, although he says it is nice to have the ‘pot’. He has deferred his state pension and says it is lifestyle choice to carry on.
He started work as a 17year old, and expects to have many years to come to enjoy his retirement.
Many other\ workers of pension age feel they have to carry on, having realized that their pension provision is not sufficient to provide them a comfortable retirement. The default retirement age has passed so they can carry on for as long as they want to.
As a result, some 12% men above the state pension age of 65 years were in employment in last year according to latest official figures from the office of national statistics.
This was the first time since records began in 2005 that more man work beyond pension age.
This might be the result of the state pension age of woman that is extending.
Yet, it may also be the effect of financial situation of American financial families and lower rates of pension pot.
There is also the effect of healthier and fitter population, with extended life expectancy.
On Friday, institute of studies reported that more women are working due to increase in state pension age. But since 2005, 5000 women wanted to work but are unable to find jobs.
The home pension was relatively stable in 1990s
Only in couple of years it has risen from 8% to its current level.
The majority work part time or are self employed than among young workers. Studies also show that people simply stay with the same employer who they have been working for, for years.
Malcolm says there are four options regarding the individual state pension. They are:
1. Drawing pension in addition to work
2. Holding pension and taking it as a lump sum after a year.
3. Deferring their state pension for increased amount
4. After drawing state pension people can change their mind.
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