NEARLY half of those in work in Northern Ireland aged 40 or more - an estimated 297,800 people - say they can't afford to retire at 65 and will have to work on.
And it has prompted calls for a ‘career MOT’ for 50-year-olds to help them plan their later working lives and explore how they can put enough money aside for the future while there’s still time to make a difference.
New YouGov research conducted on behalf of charity Age NI and Business in the Community has highlighted the difficulties facing many workers who cannot afford to down tools when they become eligible for their state pension.
In the poll, 47 per cent of workers in the north aged between 40 and 64 fear they will not have enough money to retire when they reach state pension age.
The number of people over 65 years living in Northern Ireland is expected to increase by 74.4 per cent in the next 20 years. People are increasingly planning to work longer and for many this is in to their late 60s and beyond, with 46 per cent saying they would do so to afford their desired lifestyle in retirement.
More than a third (37 per cent) who believe they will be working past state pension age plan to continue working in their current job with the same hours, while 34 per cent intend to reduce their hours.
The research highlights that not having enough money was the most common reason to continue working. Others included enjoying the social side of working (30 per cent) and worrying they would get bored or lonely at home (31 per cent).
Age NI and Business in the Community have formed a partnership to support older workers to remain in work or return to work in order to help them have enough income, stay connected and have a fuller working life.
