One in four are reluctant retirees
One quarter of people who are planning to retire this year do not feel ready to give up work, research suggests.
Some 24% of people questioned were reluctant retirees, while just 31% said that they are looking forward to ending work, Prudential found.
More than half (57%) of those surveyed said that they would consider working past the state pension age, although most of these people said that they would prefer to carry on part-time rather than having a full-time job.
Four in 10 of those thinking about working past pension age said that they needed to boost their retirement income – but a similar proportion said that they would be happy to work on because they enjoy it so much.
One in 20 of those considering prolonging their working lives said that they would like to start up their own business while 9% would like to use a hobby to boost their income.
Prudential recently found that nearly one in five Britons planning to retire this year will have outstanding debts, amounting to £31,200 on average.
However, this figure is lower than a year ago as fewer people retire owing money on their mortgages. Rock bottom interest rates have helped many mortgage holders to pay off their loans more quickly than they had expected.
Meanwhile annuity rates, which set the size of someone’s retirement income for life, have plunged.
The insurer previously found that this year’s retirees expect to have a typical annual income of £15,300, making them around £3,400 a year worse off than workers who retired in 2008.
Stan Russell, Prudential’s retirement income expert, said: “In the past, people went from being in full-time employment one day to being retired the next. Retirement is much less of an event these days due to flexible working behaviours, and this is reflected in the attitudes of the class of 2013.”
What are your views on retirement?
Latest posts by Sally - Silversurfer's Editor (see all)
- Learn how to paint whilst supporting the work of the Charlie Waller Trust - April 12, 2021
- How a Vintage Cash Cow customer made over £1,800 from a Spring Clear Out – and so can you… - April 11, 2021
- Who would you like to see succeed the Queen – Prince Charles or Prince William? - April 10, 2021
- In Pictures: Duke of Edinburgh through the decades - April 9, 2021
- What goes first: milk or tea? - April 7, 2021
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!