Retirement1

ONE IN TWO NEW RETIREES PLANNING TO WORK PAST STATE PENSION AGE

More than half of people planning to retire this year would consider, or already are, working past their state pension age, research has found.

Some 51% of people surveyed are working past their state pension age or would consider doing so, Prudential found.

This marks the fifth year in a row of the surveys by Prudential where over half of people set to retire in the coming months are or would consider working past state pension age.

A fifth (20%) of those considering working past state pension age hope to start a new business or earn money from a hobby, while 9% would think about continuing full-time in their existing job.

A further 28% would consider working fewer hours with their existing employer, while 29% would look for a new employer.

Stan Russell, a retirement income expert at Prudential, said: “Our research has shown that a period of ‘pretirement’, where people choose to delay their retirement plans, change jobs, earn a living from a hobby, or go part-time, instead of giving up work altogether, has become the new norm for retirees in recent times.”

Some 1,000 people planning to retire in 2017 took part in the survey.

Minister for Employment Damian Hinds said: “Staying in work for longer can make a significant difference not only to someone’s income but also their physical and mental health.

“Older workers also have a huge amount to offer employers, which is why we joined forces with industry to launch our Fuller Working Lives strategy, and help more older people and business leaders recognise the benefits.”