One in four people eligible to retire this year are considering their options as they do not feel ready to stop working altogether.
In fact 13 per cent said that have already chosen to defer their retirement.
New research from the Prudential has highlighted how attitudes to retirement are changing.
This was part of the Prudential’s annual study tracking the future plans and aspirations of people who plan to be new retirees this year.
The findings have indicated that more than half will consider working past retirement age.
This is largely because, not only do they wish to make their retirement more financially comfortable, but they feel that they are not ready to just stop, as they enjoy working and it keeps them stimulated mentally and physically.
I talked to 81 year old Alan who went back to working part-time, he commented, “Retiring was the hardest job I have ever had to do in my life!”
It seems that there is no one size fits all solution to retirement and whilst many look forward to leaving work, many prefer to see it as a gradual process and look to reducing their hours.
The main motivations for staying in employment are to keep mentally and physically fit (57%), boost retirement savings (35%), because they enjoy working (40%) and because they don’t feel ready to retire just yet (39%)
53% of those planning to retire this year intend to do more exercise, 37% will socialise more and 36% plan to take up voluntary or charity work
The Prudential comments that working past traditional retirement age is not solely driven by financial pressures. The research shows growing numbers of people wanting to carry on working mainly because they enjoy it, but also because it keeps them mentally and physically active and engaged with the community.
Increased life expectancy and improvements in general health are really changing how we think about retirement.
by Tina Foster
