More than nine million UK working people are aged over 50, according to the latest official employment figures.

It's the highest number since records began in 1992 and means that 31 per cent of the workforce are now over 50 - 21% higher than in 1992.

Aviva predicts the over 50s will grow to 10million by 2018 and will become the biggest group in the workforce by 2024, representing one in three workers.

It says it expects early retirement to continue to decline, predicting that no one in the 16-64 age bracket will define themselves as 'retired' by 2029.

The number of people in the same age group who described themselves as retired peaked in 2011 at 1.6million.

Alistair McQueen, savings and retirement manager at Aviva, said to manage the changes, people have two options – save more or work longer, and suggested a mix of the two.

He said: "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 and over 50s will become the leading group of workers within the decade.

"The idea of early retirement would be relegated to the dustbin of history if recent trends continued."
He added that the 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."

Aviva is UK insurer that provides around 31 million customers worldwide with insurance, savings and investment products

It is the UK's largest insurer and one of Europe's leading providers of life and general insurance.

First published 16.06.2016

Lindsay.sharman@wilmingtonplc.com