11 Jun 2018
A study carried out by insurance company Prudential has suggested that a significant number of employees are planning to work past their state pension age.
Prudential found that 50% of those retiring this year are contemplating working past state pension age.
A further 26% of those seeking to delay retirement wish to reduce their hours or work part-time, with only 14% wanting to continue working full-time hours. Meanwhile, an additional 43% of individuals stated that they enjoy working, and 19% are looking to earn a living from a hobby or by starting their own business.
However, 8% of those scheduled to retire in 2018 revealed that they cannot afford to, with 47% placing blame on the rising cost of day-to-day living.
Commenting on the study, Stan Russell, Retirement Income Expert at Prudential, said: ‘The shift to ‘pretirement’ in recent years shows that many people reaching state pension age aren’t ready to stop working.
‘However, not everyone has the luxury of choosing their retirement date due to their financial situation not allowing them to give up work, and others may be forced to stop working for health reasons. Saving as much as possible as early as possible in their career is the best way for people to ensure they are financially well-prepared for a retirement that starts when they wish, or need, it to.’