Prudential research reveals many people want to work past retirement age
(PRWEB UK) 13 February 2014 -- Research from Prudential has found that:
- One in four planning to retire this year don’t feel ready to stop work
- Changing face of retirement shows more than half willing to consider working past State Pension Age
- Thirteen per cent are delaying retirement because they want to continue working
New research from Prudential (1) has highlighted how attitudes to retirement are changing, with nearly one in four (23 per cent) people planning to retire this year saying they don’t feel ready to stop working altogether. Meanwhile 13 per cent of those who had been scheduled to retire have chosen to delay their plans because they don’t want to give up work.
The research into the ‘Class of 2014’ is Prudential’s seventh annual study tracking the future plans and aspirations of people who plan to become new retirees this year. More than half (54 per cent) will consider working past the State Pension Age in an attempt to make their retirement more financially comfortable.
Around a quarter (23 per cent) would consider working full-time while 31 per cent would weigh up the idea of working on part-time. Ideally they would prefer to continue in their current job with reduced hours, with 32 per cent of those considering working past the State Pension Age suggesting that option is the one that would suit them best.
However, this year’s results highlight positive attitudes to retirement planning despite ongoing financial pressures. The main motivation for 57 per cent of this year’s retirees who would consider continuing to work past the traditional retirement age is to keep mentally and physically fit. More than a third (35 per cent) also cite the ability to boost retirement savings and annuities as a consideration, while 40 per cent simply enjoy working and 39 per cent don’t feel ready to retire just yet.
The study also found that the ‘Class of 2014’ are expecting a busy and enjoyable retirement – 53 per cent of those planning to retire this year intend to do more exercise, 37 per cent will be socialising more, while 36 per cent plan to take up voluntary or charity work. Around 29 per cent say they have no worries or concerns and are really looking forward to their retirement.
Stan Russell, a retirement income expert at Prudential, said: “For many people retirement is now a gradual process rather than a watershed where you 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 take retirement planning and annuities seriously 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.
“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 is changing how we think about retirement.”
1. Research Plus conducted an independent online survey for Prudential between 21 November and 3 December, among 7,821 non-retired UK adults aged 45+, including 1,010 people intending to retire in 2014.
About Prudential
Prudential plc is an international financial services group with significant operations in Asia, the US and the UK. They serve more than 24 million insurance customers and have £405 billion of assets under management.
Ben Davies, Prudential, http://www.pru.co.uk, 020 7004 8082, [email protected]
Share this article