Clive Bolton, ‘at retirement' director at Aviva, comments on the Pension Policy Institute findings:
"We have been delighted to work with the Pension Policy Institute on this research. Retirees now face both an increase in longevity and a challenging economic environment, with many remaining economically active past the state pension age. This report provides a much needed assessment of the actual impact working later in life could have on retirement incomes.
"Aviva's own research found many people continue to work in later life not only to boost their income, but to put their lifetime of wisdom and skills to use, with 80% of over 55s stating they would now be more confident in the workplace than in their earlier working lives. Increased income was the main driver for those who continued to work, but it was closely followed by the desire to interact with others and the benefits of keeping the mind active in older age.
"In 2004 the Pensions Commission stressed that people would need to both save more and work longer in order to supplement the state provision. The PPI's study underlines this fact. We recommend people approach retirement with a clear picture of their financial needs and that they take a holistic view of all of the assets at their disposition, in order to manage the transition into later life."
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