Over 55s approaching retirement want to carry on working because they need the money or don’t want to give up their jobs just yet.
Around 25% planning to retire this year told a study by financial firm Prudential that they don’t want to give up work.
More than half are willing to work past the state pension age of 65 years old and one in right are delaying retirement so they can enjoy working.
The firm argues this shows how attitudes to retirement are changing.
Almost a quarter (23%) want to carry on with a full-time job, while a third are considering filling their retirement hours with a part-time job.
Earning extra cash
Importantly, the survey reveals more than half of those approaching retirement (54%) have had money issues influence their decision about carrying with work after the state retirement age.
Most would like to negotiate with their employers to continue in the current job, but working fewer hours.
Earning extra money to boost their income and savings is the main consideration for many over 55s, 57% of retirees would rather keep working to remain mentally and physically agile
The report also highlighted that 53% want to exercise more to stay fitter in retirement, 37% are looking forward to attending more social events and 36% intend to take up charity or voluntary work to help the community.
Not everyone is planning to work or stay so active in their retirement – almost 30% don’t want to keep working, have no financial worries and cannot wait to give up their jobs and relax.
No more retirement cliffs
Prudential’s retirement income expert Stan Russell said: “Retirement is no longer a cliff you fall off when you turn 65 years old. The days of having a job one day and retiring the next have long gone and people are more likely to ease into retirement over a longer period today.
“Our research reflects that attitude the over 55s have to retirement.
“While some people can’t stop working quickly enough, many more enjoy their jobs and could do with the extra income and want to carry on often in the same job but not working for so many hours.”
Russell also explained increased life expectancy and better health at retirement is encouraging many to carry on with a more active life when only a few years ago, others would want to put their feet up and relax more.