You are here: Home - Saving & Banking - News -

Brits anxious about retiring

0
Written by:
08/04/2008

Research by Ipsos MORI shows a mixed bag of emotions for those waking up on day one of retirement, with under a third saying they felt relaxed and under a quarter feeling free.

Less than half of those surveyed chose the word ‘happy’ to describe how they felt on the first day of retirement, evidence the traditional sudden stop approach no longer works for many people. A surprising one in 10 felt anxious, sad or lost.

Pensions minister Mike O’Brien said: “The idea that one day you work and the next you stop can be a shock to the system. These findings challenge the traditional ‘one size fits all’ approach to retirement. Many of today’s older workers are rejecting the cliff edge between work and retirement in favour of a gradual step down. And employers should help them to do this.”

People approaching retirement admitted there’s lots they’ll miss about their jobs when they stop. Topping their miss list are work friends, being challenged, office banter and a reason to get out of the house.

Soon to be retirees are equally candid about what they’ll be happy to turn their backs on. While their distaste for the work canteen, office politics and commuting is unlikely to raise eyebrows, it may come as a surprise that three quarters of Brits are looking forward to binning the Christmas party. Oddly, one in 10 people confesses they’ll miss the journey to and from work.

When asked why they still work, extra money was a top motivator followed closely by over half doing it because they enjoy their jobs.

O’Brien added: “Women’s state pension age is moving but you don’t have to retire at this date. You have time to plan and you may be surprised by the choices you have. You could use your state pension to allow you to work part time or choose to put off taking it and get extra pension later or a lump sum. To get the facts, put your birthday into the Pension Service website and it’ll tell you when you can get your state pension.”

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Pet owners in South East fork out

The South East of England has the most expensive veterinary costs in the UK, with the average bill amounting to £98.64,...

Close