The number of workers interesting in working past the standard retirement age is increasing. Image courtesy of: dynamix/sxc.hu
New research suggests that older workers are keen to stay in their jobs past retirement age.
Two in five (40 percent) of those planning to retire this year would be happy to work past 65 if they had the chance, according to the study from Prudential
The Class of 2012
[PDF, 28kb] study, which looked at the financial situation and feelings of upcoming retirees, revealed that almost half (48 percent) of men and a third (32 percent) of women would be happy to work beyond the standard retirement age.
For two-thirds (68 percent) of this group, the main motivator was a desire to remain mentally active and physically healthy, while 39 percent are turned off by the idea of retiring to a more sedentary life at home. Over half (54 percent) enjoy working.
Despite this enthusiasm, just 13 percent want to continue in full-time positions with their current employers. Close to half (49 percent) want to shift to part-time work, either with their current employer or in a new position, to improve their work/life balance
There’s also a clear entrepreneurial bent among older employees with over one in 10 considering leaving their full-time position once they reach 65 in order to start a business or earn money from a hobby.
A further five percent would like to volunteer for a charity
Official statistics reveal that average retirement ages are rising; men now retire at 64.6 compared with 63.8 in 2004, while women work until 62.3 compared to 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."
Prudential’s research was conducted by Research Plus
between December 2 and 12 2011, among 9,614 UK non-retired adult workers aged 45+. Just over a thousand were retiring in 2012.