Official employment figures have revealed 9.67 million workers aged 50 plus are now in employment.
This constitutes the biggest number since records began in 1992, when they represented 21 per cent of the workforce, a figure which now stands at 31 per cent.
According to Aviva’s analysis, the 50 plus age group will hit 10 million in 2018 and become the biggest group altogether in 2024, representing more than one in three workers.
Additionally, the firm’s analysis shows the decline in workers aged 16 to 64 who define themselves as ‘retired’. This population peaked a 1.6m in August 2011, but has since witnessed a continual decline, hitting less than 1.2 million today.
If this decline continues on the same trajectory, Aviva projected there would be no people defined as ‘retired’ in the 16 to 64 age bracket by 2029.
Alistair McQueen, savings and retirement manager at Aviva, said when it comes to funding longer lives in retirement, there are two options: save more or work longer.
“For many, the best response will be a mix of the two. Auto-enrolment into workplace pensions encourages us to save more, and more than six million new pension savers have joined the system since it was introduced in 2012.
“Our analysis suggests that we are also working longer. Over 50s will become the leading group of workers within the decade, and the idea of ‘early retirement’ would be relegated to the dustbin of history if recent trends continued,” he added.
ruth.gillbe@ft.com