51% approaching retirement would consider working longer

Just over half (51%) of rspondents due to retire this year would consider working beyond the state pension age, according to research from Prudential.

older workers-retirement-2015

The current state pension age is set at 65 for men born before 6 December 1953 or between 60 and 65 for women born after 5 April 1950 and before 6 December 1953.

Prudential’s Class of 2015 study, which surveyed 7,687 UK non-retired adults aged 45 and over, including 1,012 intending to retire in 2015, also found that 21% do not feel ready to retire yet. This figure that has remained stable since 2011 among those approaching the milestone.

The study also found:

  • 24% of respondents who are scheduled to retire this year have already opted to delay their retirement. The most popular reason for doing so, cited by 57%, was to keep themselves mentally and physically fit.
  • 51% of respondents due to retire this year would consider working longer to help improve their financial position. This is the sixth consecutive year that the majority of retirees have said that they would actively consider working on to improve their finances.
  • 31% of respondents said that reducing the hours they work is the preferred option for those considering continuing to work, whereas 12% would like to look for a part-time job with a new employer, and 11% said they are happy to carry on full-time in their current job.
  • 39% of respondents want to continue working because they enjoy it, 35% stated they would miss interacting with colleagues, 33% do not like the idea of being at home all the time and 23% said they would miss having a daily routine.  
  • 30% of respondents planning to retire say they will enrol in a course or take up some form of formal education, while 29% plan to undertake voluntary work, and over a quarter (26%) will join a club or activity group.

Stan Russell, a retirement income expert at Prudential, said: “Attitudes towards retirement are increasingly optimistic, especially with the new freedoms on accessing pension savings that will come into effect this April.

“Those due to retire this year are determined to improve their health, acquire new skills and enjoy themselves.

“Planning ahead to help achieve a retirement income to support these ambitions is vital.

“The old image of everyone giving up work aged 60 or 65 and becoming a pensioner is a thing of the past. People are seeing the opportunity to stay at work full-time or in a period of ‘pre-retirement’ as an attractive one.”