Average annual earnings for over-60s grew by nearly £1,000 in the last three years due to the groups reluctance to retire, insurance provider Prudential has claimed.
Over the period 2011-2013, the annual average income for this age group increased by 6.1% to £17,250, according to Prudential's analysis of official figures on hours and earnings within this timeframe.
The firm also highlighted that among the over-60s, women have been the biggest winners in terms of pay rises, with average earnings increasing by 11.4% compared with 4.2% for men.
Prudential's retirement expert Stan Russell said: 'Our analysis suggest that the relative success of older workers in the labour market is down to a combination of their increasing willingness to work on rather than retire, and the recognition by employers of the unique experience and skills they bring to the workplace.
'This latest analysis is further proof of the new retirement reality. Many older people are happy to stay in work for longer and they are now seeing the welcome side-effect of significant year-on-year increases in annual earnings.'
The figures also show that over 100,000 more over-60s were in work in 2013 than in 2011 and many of them were in senior positions.
Management roles saw the greatest increase in older workers, with an extra 32,000 managers aged over 60 in 2013 compared with 2011, a rise of 25.6%.
It noted that the rise of management level over-60s appears to be reflected in the average annual incomes received by full-time older workers. In 2013 it was around £25,200 compared with £24,000 in 2011.