Prudential reports two in five (40 per cent) people planning to retire this year would be happy to work past 65 if they had the chance.
Prudential's Class of 2012 study, which looks at the finances and
expectations of those planning to retire this year, shows that 48 per
cent of men and 32 per cent of women would be happy to continue working
past the standard retirement age.
The main motivation for more than two thirds (68 per cent) of this
year's retirees who want to stay in the workforce past 65, is a desire
to remain physically healthy and mentally active, while 39 per cent do
not like the idea of retiring and just staying at home. More than half
(54 per cent) claim that they enjoy working.
However, despite wanting to stay in work, only 13 per would choose to
continue to work full-time with their current employer. Nearly half (49
per cent) of those retirees who want to work past 65 years old would
prefer to work part-time, either with their current employer or in a new
role, in order to strike a better work life balance.
Over one in 10 (11 per cent) of entrepreneurial retirees would
consider starting their own business after the age of 65 or earn money
from a hobby in order to keep working. Five per cent would work as
Recent ONS figures show average retirement ages are rising, with
men now retiring at an average age of 64.6, compared with 63.8 in 2004,
and women working until 62.3 years compared with 61.2 previously.
Vince Smith-Hughes, retirement expert at Prudential, said: "There is a
new retirement reality taking shape across the UK, with thousands of
people actively choosing to work past the traditional retirement age.
"The fact that so many of this year's retirees would keep working on a
part-time basis is a strong indication that, for many, working is as
much about staying young at heart as it is about funding retirement.
"Gradual retirement is an increasing trend among pensioners, whether
this means remaining in the same job on a flexible basis or even setting
up their own business. Those retiring at 65 will face an average of
nineteen years in retirement which makes the financial and social
benefits of working for longer an even bigger draw for a new generation
of industrious retirees."
Around the country, those planning to retire this year from the East of
England were the most keen to stay part of the workforce with 54 per
cent saying that they would choose to work past 65 if they had the
option. Half (49 per cent) of Londoners and 45 per cent of people in the
South East would also like to continue to work.
But only just 29 per cent of Scots planning on retiring this year would
be happy to work past 65 if given the choice, along with 30 per cent of
retirees in Wales and in Yorkshire and Humberside, and only 21 per cent
of those in the North East.