Majority of 2013 retirees would continue working

Nearly six in ten (57%) employee respondents retiring in 2013 would consider working past the state pension age, according to research by Prudential.

Its Class of 2013 research found that 40% of these respondents would want to work in full-time employment and 60% would consider working part-time.

It also found that 55% of those considering continuing to work were motivated by keeping their minds and bodies active and healthy, while 40% were motivated by boosting their retirement income.

The research also found:

  • 24% of respondents planning to retire in 2013 do not feel ready to do so.
  • 21% of respondents do not like the idea of being at home all the time in retirement.
  • 38% of respondents would be happy to continue working because they enjoy their job so much.

Stan Russell, retirement income expert at Prudential, said: “Retiring at 60 or 65 years old is no longer a financial reality for many people, and the phased changes to the state pension age acknowledge this is the case.

“Some people do not want to retire, while others are happy to retire as early as possible.

“While feeling healthy and happy is part and parcel of enjoying retirement, it is important for people to enter this period of their lives with their eyes open.

“Expected retirement incomes are at a six-year low, so it is important to plan ahead, and consult a financial adviser or retirement specialist, to ensure a comfortable retirement.”