Changing demographics and shifting attitudes amongst employers mean that greater numbers of older people than ever before are now in the UK workforce – and indicate that “early retirement” could become “a thing of the past” by 2029.

The latest official employment figures show that 9.67m workers aged 50+ are now in employment. This is the biggest number since records began in 1992 and represents 31% of the UK’s employment workforce – up from 21% in 1992.

Analysis from Aviva projects the age 50+ age group will hit 10m in 2018, and become the biggest cohort in May 2024, representing more than 1-in-3 workers.

Moreover, the population of “early retirees” peaked at 1.6m in August 2011, but has since witnessed a continual decline, hitting less than 1.2m in today’s figures.

If this decline was to continue, Aviva projects that there would be no people defined as “retired” in the 16 to 64 age bracket by 2029. That, however, doesn’t take account of those who will certainly leave the workforce before that age – either because of poor health or through financial choice. It also fails to account for the fact that retirement age for both men and women will actually be 67 by 2029.

Commenting on the analysis, Alistair McQueen, Savings and Retirement manager at Aviva said: “When it comes to funding our longer lives in retirement, we have two options – save more or work longer. For many, the best response will be a mix of the two.

“Our concept of retirement is changing. This is sensible as our life expectancy continues to hit new heights. The challenge for all is to make the most of this changing workforce.”

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