23% of 2014 retirees not ready to stop working

Almost a quarter (23%) of respondents who plan to retire this year said they do not feel ready to stop working completely, according to research by Prudential.


Its Class of 2014 research, which surveyed 7,821 non-retired UK adults over the age of 45, found that more than half (54%) of respondents would consider working past the state pension age in an attempt to make their retirement more financially comfortable.

The research also found:

  • 13% of respondents who were scheduled to retire in 2014 have chosen to delay their plans because they do not want to give up work just yet.
  • 32% of respondents who would consider working past the state pension age would ideally continue in their current job with reduced hours.
  • 29% of respondents said they have no worries or concerns about retirement.

Stan Russell, a retirement income expert at Prudential, said: “For many people, retirement is now a gradual process rather than a watershed where they simply stop working one day and become retired the next, and that is reflected in the change in attitudes shown by our research.

“However, there is no one-size-fits-all solution to retirement and many people will be looking forward to leaving work as soon as they can.

“What is important is that people plan ahead for retirement and do as much as possible to ensure a comfortable retirement by consulting a financial adviser or retirement specialist well ahead of their planned retirement date.

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“Working past traditional retirement ages is not solely driven by financial pressures and the research shows growing numbers of people wanting to carry on working because they enjoy it and because it keeps them stimulated mentally and physically.

“Increased life expectancy and improvements in general health are changing how we think about retirement.”