Later working boosted by equity release

Whilst 33 million Britons plan on working past the current default retirement age of 65, they could further improve their standard of living if they release equity from their home.

A lifetime mortgage or a home reversion plan could help them earn a bit of extra cash in retirement to help them pay for living costs.

However, the research from Aviva shows that working longer isn’t always just about the money. Whilst six people in ten are interested in the financial incentives, over half (54 per cent) say they want to keep working to 'keep out from under their partner's feet'.

Keeping mentally active and interacting with other people were also important factors which are encouraging people to stay in work.

Clive Bolton from Aviva comments that these reasons mean that "Gradual or part-tirement appears to be a very real choice for many older people rather than the traditional rigid retirement age."

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