The report revealed that affordability was the key reason stated by 51% of over-50s who planned to work beyond state retirement age.
In last year’s report 43% of those planning to work beyond state retirement age said they would do so because they enjoyed the job they did.
In 2011 this has fallen to 37% showing a shift to continuing to work for financial need rather than enjoyment.
Ray Chinn, head of pensions at LV=, said: “The trend of people retiring well into their 60s, or even their 70s, has been increasing slowly over the last few years.
“The rising cost of living, low interest rates on savings and the fact that as a nation we are living longer has had a significant impact on our retirement aspirations and the amount of money we need to live a comfortable retirement.
“Our findings have shown that a significant number of over-50s expect to work many years past the state retirement age and we're likely to see this increase further."
