When asking the over 50s about the biggest issues they face when they retire, although having enough money to do the things they want to do was a big concern (41%), one in five (20%) said they were worried about losing the social aspect of work, with the same number also worried about being bored.
The research, conducted by YouGov for Retirement Advantage, also suggests nearly half (47%) of the over 50s expect to switch to part time work when they retire, and a further fifth (22%) expect to 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.’
‘What people want and expect from retirement has changed. Now it’s time for the pension industry to evolve as well. Products and services need to allow retirees the flexibility to vary their income across their retirement as they need it. With many retirees considering easing into retirement by continuing to work in some capacity, the pension income they require on the first day of retirement will quite often be completely different to what they need ten years later.’
Research was conducted by YouGov Plc. The survey wascarried out online between 20 May and 25 May 2015. The total sample size was 1009 adults. The figures have been weighted and are representative of all those aged 50+ with some form of DC pension and not in retirement (aged 50+).
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