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Eleven per cent of over-60 workers plan never to retire

Kit Klarenberg
Written By:
Kit Klarenberg
Posted:
Updated:
17/08/2015

New research has revealed that six per cent of over 50s and 11 per cent of over 60s who are yet to retire do not plan to ever do so.

The study by YouGov on behalf of Retirement Advantage found financial concerns are not the only factor driving this decision as 22 per cent intend to take on an unpaid voluntary role.

Although ensuring they have sufficient funds in retirement was the primary concern for 41 per cent of retirees, 20 per cent said they were worried about losing the social aspect of work, with the same number also worried about being bored.

Andrew Tully, pensions technical director at Retirement Advantage, said: “A significant minority of the over 60s are not planning to retire. While this might sound extreme, for many people, it’s about quality of life, staying active and engaged in society without the pressures of full-time work. But we shouldn’t ignore the fact that for some people this will be a necessity to boost income.

“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.”

 

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