51% of new retirees ‘planning to work past state retirement age’

Advertisment

A majority number of people who plan to retire this year is considering, or have already been working past their state pension age, a new study has revealed.

Prudential has found that a remarkable 51% of people polled are thinking of working past their state pension age and some have been working past their retirement age already.

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 retirement period.

Those weighing working past state retirement age wish to begin a new business or make money from a hobby, accounts a fifth of the people surveyed (20%); while 9% would consider about remaining full-time in their current job.

An additional 28% would consider working lesser time with their current employer, while 29% would seek for a new working environment.

A retirement income expert at Prudential, Stan Russell, 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.”

More or less, 1,000 people who plan to retire in 2017 took part in the study.

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.”