‘Pretirement’ the new norm as half of pensioners plan to work past retirement age
8 June 2018
- Sixth consecutive year in which half of planned retirees will consider working past their State Pension age
- More than two fifths (43 per cent) say they enjoy working
- Around one in 12 (eight per cent) of those hoping to retire in 2018 cannot afford to quit and 47 per cent blame the cost of living
The onwards march of Pretirement where people scale back on work or slow their retirement plans down rather than giving up entirely - is continuing, according to Prudential’s latest annual research1.
The study found half (50 per cent) of those retiring this year are considering working past State Pension age. This is the sixth consecutive year where half of people retiring would be happy to keep working if it meant guaranteeing a higher retirement income.
More than a quarter (26 per cent) of those planning to delay their retirement would like to reduce their hours and go part time with their current employer, one in seven (14 per cent) would like to continue full time in their current role. An entrepreneurial fifth (19 per cent) would try to earn a living from a hobby or start their own business.
Prudential’s unique annual research – which for the past 11 years has tracked the future financial plans and aspirations of people planning to retire in the year ahead - shows that the Class of 2018 expect their retirement to last an average of 20 years.
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