Half of older women plan to continue working after state pension age

Almost half of women aged between 50 and 65 plan to continue working after they reach state pension age, research suggests.

A study of official statistics found that nearly one in two in the age group planned to stay in work beyond 66 – either on their existing hours or reduced hours.

But one in five said they did not know what they would do when they reach the state pension age, according to the study by Rest Less, which offers advice to older workers. 

Significantly fewer women than men plan to rely on a private pension in retirement, the report suggested.

Stuart Lewis, chief executive of Rest Less, said: ‘Years of gender-based earnings disparity has resulted in a large pension savings gap between men and women, leaving many women in their 50s and 60s in real financial precarity.

‘Nearly half of women aged 50-65 said they plan to continue working in some capacity after reaching state pension age – a number that is likely to have risen even further given the subsequent cost of living crisis. 

‘Women can also find it more difficult to return to work after a period of unemployment or inactivity.’

He added: ‘They are far more likely to have taken time out to care for children, parents or a relative than their male counterparts, which puts them at a natural disadvantage. 

‘In the last recession of 2009, women could retire at 60 and receive the state pension.’

Mr Lewis said many women are ‘stuck between a rock and a hard place’, struggling to find work ‘due to age discrimination or a lack of flexible work opportunities’ but still too young to claim their state pension. 

He added: ‘Whilst the state pension age for men and women may now be equal, this data shows that the retirement fortunes of men and women remain anything but equal.’