Brits anxious about retiring
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.”