MORE workers than ever are putting off retirement for financial reasons, new research shows. According to Saga, the UK will see a 63 per cent rise in the number of people working past statutory retirement age by 2020.

The study also reveals that one in three workers around 10 million people will be aged 50 or over by that time.

It seems cost is one of the main reasons behind the findings, with four out of 10 people over the age of 50 saying they cannot afford to retire.

But it's not all negative. It seems many cannot bear the thought of days spent lounging at home in slippers and cardigans.

More than a quarter of people who are aged 50 or over and are in work or seeking work say they want to carry on working for as long as they can.

Janet Thomson, director of corporate development at Saga, said: "We believe that people should be given choice and flexibility when considering working later in life.

"Work is not something that should be obligatory. People over 50 would not want to see a default retirement age of 70 resulting in compulsory retirement for all at this age."

Reg Hill, 90, an assistant at hardware firm B & Q could not agree more.

Mr Hill of Florence Street, Gorse Hill, was offered the job at the grand age of 77 and has never looked back. He said: "To me there is no such thing as retirement age.

"It was imposed years ago when there was high unemployment. The idea was to get rid of the old blighters so the young ones had work but things have changed now."

Mr Hill believes older employees have a lot to offer bosses. He said: "If they are still doing the job efficiently then keep them on. They tend to have more knowledge because they have learnt the hard way over the years.

"After my wife died, I was at a loose end. I really think that had I not took on the job I would not have made it to 80, mentally, let alone 90."