The changing face of retirement
Nearly half of all Britons approaching retirement plan to continue working in paid employment beyond the current state pension age of 65 years old, according to Prudential.
The research from Prudential showed a third of future retirees will engage in some voluntary work and 1.4 million claim to not know when they will give up work. A third of Brits aged between 50 and 64 years old said they did not believe that traditional retirement was possible.
In comparison, 94% of current British pensioners had stopped working by the age of 65 and one in four said they had stopped working at or before 55 years old. Only 6% of those surveyed had continued to work past the current state pension age of 65.
Ali Crossley, In Retirement director of Prudential UK, said: “Until very recently, for many people retirement meant stopping work at the state pension age after 40-or-so years of labour. However, for those approaching retirement now – people in their 50s and early 60s – it isn’t quite so simple. Many are choosing to carry on working past the current state pension age either because they want to or because they need to.
“When you consider that only 16 per cent of people approaching the current state pension age think working is key to happiness, this suggests that over a third of them are working longer because they feel they have to.”