Hard-up retirees want to continue work, reveals new Prudential study


London: Prudential has revealed that two in five (40 per cent) people planning to
retire this year would be happy to work past 65 if they had the chance.
Prudential’s Class of 2012 study, which looks at the finances and
expectations of those planning to retire this year, shows that 48 per cent
of men and 32 per cent of women would be happy to continue working past the
standard retirement age.
The main motivation for more than two thirds (68 per cent) of this year’s
retirees who want to stay in the workforce past 65, is a desire to remain
physically healthy and mentally active, while 39 per cent do not like the
idea of retiring and just staying at home. More than half (54 per cent)
claim that they enjoy working.
However, despite wanting to stay in work, only 13 per would choose to
continue to work full-time with their current employer. Nearly half (49 per
cent) of those retirees who want to work past 65 years old would prefer to
work part-time, either with their current employer or in a new role, in
order to strike a better work life balance.
More than one in 10 (11 per cent) of entrepreneurial retirees would consider
starting their own business after the age of 65 or earn money from a hobby
in order to keep working. Five per cent would work as charity volunteers.
Recent ONS figures show that average retirement ages are rising, with men
now retiring at an average age of 64.6, compared with 63.8 in 2004, and
women working until 62.3 years compared with 61.2 previously.
Vince Smith-Hughes, retirement expert at Prudential, said: “There is a new
retirement reality taking shape across the UK, with thousands of people
actively choosing to work past the traditional retirement age.
“The fact that so many of this year’s retirees would keep working on a
part-time basis is a strong indication that, for many, working is as much
about staying young at heart as it is about funding retirement.
“Gradual retirement is an increasing trend among pensioners, whether this
means remaining in the same job on a flexible basis or even setting up their
own business. Those retiring at 65 will face an average of nineteen years in
retirement which makes the financial and social benefits of working for
longer an even bigger draw for a new generation of industrious retirees.”
Around the country, those planning to retire this year from the East of
England were the most keen to stay part of the workforce with 54 per cent
saying that they would choose to work past 65 if they had the option. Half
(49 per cent) of Londoners and 45 per cent of people in the South East would
also like to continue to work.  
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