People are, on the whole, living healthier and longer lives. So it is hardly surprising that research out this week showed nearly a quarter of people of retirement age do not feel they are ready to give up work.
The study by the financial services group Prudential
also found 57 per cent of this year’s retirees would
consider working past the state pension age.
Last year, employment laws changed to accommodate those wishing to continue to work over 65. And with separate research from the same organisation
showing one in five people coming to retirement age have average outstanding debts of £31,200, the figures of those over 65 still in work will increase.
However, the reasons for wanting to continue working were not simply financial. More than half (55 per cent) of those considering to continue to work believe it would keep their body and minds active, with only 40 per cent motivated by money. Even those opting to stop work this year do not intend to lead a sedentary lifestyle. Just over half (52 per cent) plan more physical activity, with others are looking for more mental challenges and increasing social activity.
The research showed the ideal situation for retirees would be to continue working in their current jobs but with reduced hours. Although I have a feeling if you asked most people in work, no matter what age, they would opt for this scenario too.