The number of employees who expect to work past the age of 70 has almost doubled over the last seven years, from 17% in 2010 to 32% in 2017, according to new research from LifeSight, Willis Towers Watson’s UK DC Master Trust.

Their “Global Benefits Attitudes Survey (GBAS) 2017” looks at retirement expectations and also found that 70% of employees also think that their generation is likely to be significantly worse off in retirement than their parents’ generation.

Many of those who expect to retire later than their parents report that they are suffering from stress or poor health. Of those expecting to retire at 70 or over, 29% are highly stressed and 34% are in poor health. Amongst those expecting to retire before the age of 65, 10% say they are highly stressed and 18% are in poor health.

Many people will have no choice but to continue to work later in life if they are dependent on the State Pension: from 2019, the state retirement age will increase for both men and women to reach 66 by late 2020 and further changes are expected to bring the age up to 67 between 2026 and 2028.

David Bird, Head of Proposition Development at LifeSight commented: “The fact that people are retiring later is not bad news in itself, as many studies have revealed numerous benefits associated with working longer.

“But, it’s worrying that many who are expecting to retire later are not doing so out of choice and are therefore more stressed and less engaged with their job. This is not just problematic for individuals, but also for businesses. Employers need to harness their experienced talent in the right way to create a productive and happy workforce.”

“Businesses,” he continued, “need to provide a productive transition into retirement. Creating an environment where workers feel comfortable discussing their needs and options as they near retirement age, such as flexible working arrangements and upskilling, is important.

“In addition, giving employees access to the tools that enable them to effectively plan for their retirement is also key. This will not only help ensure that people can retire when they want, but that they are productive employees for as long as they choose to be part of the workforce.”