Employees that stay in the world of work rather than taking retirement open themselves up to a number of health and career development benefits.
According to Dr Lynda Shaw, a cognitive neuroscientist who specialises in the psychology of ageing, deferring retirement and remaining in work can give older people a sense of worth.
"You can actually age more healthily by staying in work - as long as it is work you find fulfilling and not drudgery," she explained.
As well as the health benefits, there are still a number of career development opportunities for older workers, with mentoring set to play a huge role in many businesses.
The current skills shortage means workers with experience are vital when it comes to training younger colleagues.
Dr Shaw explained that having older mentors leads to greater communication in the firm and a much greater cohesion within the workforce, which has a positive effect on productivity.
Recent statistics published by the Office for National Statistics revealed that the average age of retirement rose from 63.8 years to 64.6 years for men and from 61.2 years to 62.3 years for women between 2004 and 2010.
Maximise your team's potential and make the most of your training budgets.