As the State Pension Age rises, this age group will need to plan for alternative income sources. According to the findings of the study, people working longer hours are only partially filling the gap. There has only been a slight increase in those who say wages or other earned income make up a portion of their total income – 23% versus 18% in 2016. For one-fifth of those in this age group, the income gap created by State Pension deferral has not been filled by wages.

RUNNING OUT OF RETIREMENT MONEY

According to the 2021 Census statistics[1,] the 65-74 age group in the United Kingdom is larger than ever before. People between those ages now make up nearly 19% of the UK population, up from 16% a decade ago.

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Source data: [1] 2021 National Census figures released by ONS