Increasing numbers of pensioners 'working during retirement'

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Increasing numbers of pensioners 'working during retirement'

The days when hitting retirement meant receiving a gold clock and heading off abroad to enjoy those hard-saved funds may be a thing of the past, as more and more people are opting to work in their retirement years.

This is according to research from Key Retirement Solutions, which found that 17 per cent of pensioners supplemented the income of their twilight years by working during 2007-08, compared to 12 per cent for the 1997-98 timeframe.

It also found that couples are more likely to enter into work during their retirement, with 29 per cent going out to work last year.

Group director for Key Retirement Solutions Dean Mirfin said that these figures are cause for concern.

"Of further worry is the widening gap between pensioners net and gross income, showing that taxation of our older population is rising."

The increasing closure of company pension schemes across the UK threatens to throw the country into a serious crisis, the Confederation of British Industry warned last week.

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