A record number of older workers are now boosting the country’s economy: almost 10.4 million people aged 50 and over.

The number of people who have retired before 65 is also at a record low: 1.15 million.

With the trend set to continue, the proportion of older workers is set to rise to one in three over the coming 10 years. In 1992, the figure was just one in five.

The trends not only reflect the growing number of people now reaching later life as the so-called “boomer generation” ages. The other big factor at play is people living longer and either needing or wanting to stay economically active. Men reaching the age of 65 can expect (on average) to live for a further 21 years while women have another 24 years of life expectancy.

That means that our pension pots are likely to dwindle significantly in that time, and many people simply can’t afford to give up the nine to five.

The plus side for the economy is that the nation’s older generation delaying retirement by one year adds an estimated £16 billion to the economy. However, while staying in work is a life choice for many people, for others it’s a matter of expediency – and many of those in physically or mentally demanding roles will be looking to scale down their work commitments as soon as possible.

So how long do YOU need to keep on working to maintain a comfortable lifestyle in retirement?

The answer is simple if you are a RetireEasy LifePlan subscriber because you simply feed in your financial data and you can see at a glance how much you can afford to spend every year without depleting your resources.

You can also try out as many different scenarios as you wish to see what happens if for instance) you stay in work longer, retire now, downsize at some point in the future or receive an inheritance in the Premium LifePlan.

If you aren’t already a LifePlan user, do take a look to see how you can take control of your financial future. Go to www.retireeasy.co.uk