More over 60s don't want to give up work
While many people can't wait to give up the day job after 40 years of hard graft, new research has shown that more than one in 10 over 60s doesn't ever plan to stop.
According to Retirement Advantage, 5% of over 50s and 11% of over 60s have no intention of retiring. While finances were a major concern for the over 50s at 41%, 20% said they were worried about a loss of social interaction while another 20% said they would be bored without work to fill their time.
However, while this age group may still have the desire to work, they may not necessarily want to stay in the same job. Nearly half expect to work part-time while a further 22% wanted to take on voluntary work.
Phased retirement approach
Andrew Tully, pensions technical director at Retirement Advantage, said: "The research demonstrates the traditional idea of a cliff edge retirement at state pension age is well and truly in the past. What we're seeing instead is a phased approach, where retirees expect to continue to work in some capacity beyond traditional retirement age.
"The high number of people hoping to move into unpaid voluntary roles highlights how important continuing to make a contribution is for many people, as well as their desire to avoid losing the social aspects of work."
As a result, Tully said the pensions industry needed to evolve to help it meet the needs of retirees. He added: "Products and services need to allow retirees the flexibility to vary their income across their retirement as they need it. With many retirees considering easing into retirement by continuing to work in some capacity, the pension income they require on the first day of retirement will quite often be completely different to what they need 10 years later."
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