Roughly two-thirds of employees approaching retirement intend to continue doing some form of paid or voluntary work once they are in ‘retirement’, a new survey from Towry, the wealth adviser, has found.
The survey, focusing on people aged 50 or over who are still in full time employment, found that 65 per cent intend to do some form of paid work during their retirement – with the most popular reason (30%) being because they enjoy working, as opposed to needing the additional income (26%). A further 24 per cent said that they intended to do paid work simply to fill some of their time.
The study also highlights the continued popularity of the voluntary sector, which has long since benefitted from full-time workers retiring and wanting to give something back to the community. 26% of workers intend to carry out voluntary activities during their retirement in order to help their local community or a specific charity, with a further 16% planning to do some voluntary work to fill some of their time.
Towry’s head of retirement planning, Andy James, said: “With people living and staying fitter for longer in retirement – in many cases well into their 80s – those who have carefully laid financial plans for their future now have the flexibility to choose whether they continue working during retirement.
“This survey has shown that many who have planned well for their retirement are keen to continue playing some part in the working world, be this in a paid or voluntary role. If you seek financial advice early, you may even be able to realise some lifelong dreams during retirement, pursuing the ultimate vocation that you always desired.”
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