17th August 2015
A new study from Retirement Advantage shows that 6% of over 50s – and 11% of over 60s – who are yet to retire do not plan to ever do so.
The survey conducted by YouGov, on behalf of the retirement specialist, found that while 41% of over 50s said the biggest issue they face when they retire was having enough money to do the things they want, one in five or 20%, said they were worried about losing the social aspect of work, with the same number also worried about being bored.
The research, also indicated that half, at 47% of the over 50s expect to switch to part time work when they retire, and a further fifth, at 22%, predict they will take on an unpaid voluntary role.
Andrew Tully, pensions technical director at Retirement Advantage, said: “A significant minority of the over 60s are not planning to retire. While this might sound extreme, for many people, it’s about quality of life, staying active and engaged in society without the pressures of full-time work. But we shouldn’t ignore the fact that for some people this will be a necessity to boost income.
‘The research demonstrates the traditional idea of a cliff edge retirement at state pension age is well and truly in the past. What we’re seeing instead is a phased approach, where retirees expect to continue to work in some capacity beyond traditional retirement age. The high number of people hoping to move into unpaid voluntary roles highlights how important continuing to make a contribution is for many people, as well as their desire to avoid losing the social aspects of work.”