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Retirement

Fewer than one in three will stop working at retirement

Lucinda Beeman
Written By:
Lucinda Beeman
Posted:
Updated:
12/08/2014

Just 29 per cent of UK workers believe that they will stop working at retirement, according to Aegon’s third Retirement Readiness Survey.

This is compared to Western Europe, where 36 per cent of Swedes and 51 per cent of the French expect to stop working completely when they retire.

Some 36 per cent of Brits expect continue working part time or on temporary contracts for some period of time while a further 14 per cent hope to work in some capacity through their retirement.

David Macmillan, managing director of Aegon UK, said: “The government’s decision to provide greater pensions flexibility sits well with the plans of many workers who see retirement not as the day they stop working, but the point at which they scale back their hours. Many of these people are likely to start drawing some income from their pension in order to supplement their part-time earnings.”

While retirement may not signal the end of a working life for many Brits, associations with the word remain overwhelmingly positive. Almost half associate the word ‘retirement’ with ‘leisure’ and ‘freedom’, while just 15 per cent associated it with ‘insecurity’ and ‘boredom’.

Macmillan continued: “We are living longer and many people can expect to spend 20 or 30 years in retirement. As a result it is not surprising that many people intend to work part time in retirement and balance flexible working against leisure and activities they’ve always wanted to do.”


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