By Marcus Leach

New research published in a report by Saga, the insurance firm, has revealed that over a quarter of over-50s planning retirement are doing so with the expectation that they will work past the age of 65.

Saga said that 27% of those surveyed plan to work past the current state pension age (SPA) of 65, with the results of their research based on 427,000 retirement dates specified by people using its annuity service.

Last week data released by the Office for National Statistics (ONS) showed that 1.41 million people in the UK are working beyond the SPA, with that figure rising faster than the level of general population in the UK.

The state pension age is currently being equalised for men and women at age 65, to be achieved by November 2018, from where it will go up to 66 for both men and women by October 2020.

With the SPA set to continue to rise in accordance with life expectancy Saga have said many people are already considering this when setting their opwn retirement age.

"In 2012, the average retirement age will be 63 years, 130 days, which is 286 days later than in 2010 (62 years, 277 days)," the insurer said.

"By 2025, people expect to work an extra 2 years and 186 days longer than today [at 65 years, 316 days]."

Join us on
Follow @freshbusiness