13th June 2013
With news yesterday that more than a million of the over 65s are continuing to work, Mindful Money expressed a hope that most were doing so out of choice not necessity. Today Prudential’s retirement expert Vince Smith Hughes says the firm’s Class of 2013* research suggests that may, just, be the case.
As Hughes points out “the Class of 2013 research shows that the number of people considering working in retirement has increased dramatically in the short term. Nearly three in five (57 per cent) of people planning to retire this year are considering working past state pension age, either in full or part-time work. This compares to 40 per cent in 2012.
“Prudential’s research shows that retirees aren’t just staying in work for financial reasons. Over half (55 per cent) of people planning to retire this year want to extend their careers to keep their mind and body healthy. This stands in contrast to the 40 per cent who are looking to boost their incomes.”
While we cannot directly draw the conclusion that those working in retirement are doing so for the same reasons in the same proportions – this survey covers those about to retire – it may be a bit of a guide.
It may be that a slim majority are doing so by choice or perhaps for both reasons – because a bit of extra money doesn’t hurt nor does keeping one foot in the working world either.
What is clear however, is that the number of set to grow to a lot more than a million. A lot of rules, regulations, policies and attitudes may need to change to catch up and it’s not clear that politicians have woken up to this yet.