By 2022, two million people could be working past the age of 65, Primetime Retirement has predicted.

The number of people working past the State Pension Age (SPA) is expected to more than double from the current 870,000 to reach 1.83 million by 2022. This is the equivalent to six per cent of the total UK workforce.

The analysis shows an already ageing work force. Between the first quarter of 2008 and the fourth quarter of 2010, the number of over-65s in work increased by 19.5 per cent.

There has been a 20 per cent growth in the number of over-65s working full-time compared to the part-time employment increase of 19 per cent. Primetime Retirement found 4.6 per cent of men past the SPA are in full-time employment compared to 3.6 per cent of women. In addition, 8.9 per cent of women past the SPA are employed part-time compared to 7.3 per cent of men.

The number of employed over-65s is expected to increase further when the SPA rises to 66 between November 2018 and October 2020.

The company has urged advisors and clients to take the opportunity of an ageing workforce to investigate all income options in order to retain flexibility. Primetime Retirement marketing director Stuart Wilson commented on the analysis: “The numbers working past 65 have increased substantially in the past decade and that growth can only continue as changes in employment law and state pensions mean more will have the opportunity to stay in work.”

“Those who are in good health and still working want to keep their options open in retirement and need retirement income solutions which are flexible to adapt.”

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