Page last updated at 23:00 GMT, Wednesday, 6 June 2007 00:00 UK

Many workers plan late retirement

Older worker
Many people like the social interaction work brings

More than a third of people over 55 plan to work after they reach the state pension age of 65, a Birmingham Midshires survey suggests.

Of the people planning to stay in work, about a quarter said poor finances left them with no other option.

But a similar proportion said they wanted to carry on working simply to keep boredom at bay.

High levels of savings allowed one in five of the over-55s to aim to undertake charity work in retirement.

"Work is an important social lifeline and consequently we are seeing a significant number of older people planning to work beyond state pension age, either in a paid capacity or in the voluntary sector," Jason Robinson, a Birmingham Midshires spokesman, said.

"As a generation of savers, the over-55s are more likely to have this luxury of choice," he added.

However, younger age groups may be forced to work beyond age 65.

High mortgage debt, low pension savings and the government's decision to increase the state pension age to 68 could mean delayed retirement for millions of younger Britons.

Birmingham Midshires interviewed 2,200 adults.

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