One in six people aged 65 and above never want to stop working, new research shows. Would you be happy to stay in work for the rest of your life?
Among people aged 65 and above, one in six says they never want to give up working.
That’s according to new research by retirement specialist MGM Advantage, which also shows one in 10 Brits of all ages want to continue working until they drop.
The research has found that less than one in five adults - 18% - ideally want to retire below the age of 60.
Should 'retirement' be retired?
Andrew Tully, pensions technical director at MGM Advantage, says: "Our research shows that we should perhaps look to retire the word 'retirement'.
"People today not only expect to be working longer, they want to, with a significant number hoping never to stop work at all."
"We expect to see a lot more people working way into their 70s in the future," Tully adds.
This trend will have a massive impact on UK employment, the research suggests.
Currently more than 600,000 people reach the age of 65 each year.
If one in 10 of them, or 60,000, decides to continue to work in future years then the workforce will age considerably.
But having worked hard all of your life, would you really want to carry on working through your old age?
We asked the opinions of people from Gransnet, a social networking site for grandparents, many of whom are retired or approaching retirement age. Here’s what they had to say:
More to life than work?
- "I feel sorry for those who ideally never want to retire (not those that cannot afford to). It suggests they fear boredom because their lives are so limited outside of work that they have no hobbies, no interests, and nothing they can think of to occupy their time when they are not working. My partner and I have so many things that we are involved in that we are almost busier than when we worked."
- "I absolutely love being retired. I can get up in the morning and decide what I want to do and I have a huge variety of thing to choose from. Gardening, walking, painting, reading, socialising with ladies who lunch, or go out to visit something such as a museum or exhibition. I could go on and on. What's not to like?"
- "I retired aged 59 after 40 years’ service. I could have retired at age 55 but with a reduced pension. I hated the last 10 years so almost ran out of the door."
When thinking about retirement these are certainly the types of opinions you’d expect to encounter. However, as the MGM research suggests, not everyone feels the same way.
- "I had a 'rest' for six months after I retired and then decided that I wanted to work but on my terms. I found three casual jobs: two were similar to what I did before retirement so I was able to save money, get my house renovated and keep some money in the bank now that I no longer had a mortgage to pay. The only thing that stopped me working aged 65 and beyond was having surgery following a broken ankle."
Planning for retirement
So, while it seems a traditional retirement is not for everyone, those who choose to continue to work are the fortunate few. Many more have to out of necessity.
Almost six in 10 - 56% - people ideally want to retire before the age of 65, the research shows.
However, 69% felt they wouldn’t be able to until after this age, or they never would.
Tully says people need to take an honest and realistic look at their finances before making the decision to retire.
"From April, people will be able to access to all of their savings at retirement, so they will need to consider the long-term sustainable income they may need through their retirement."
What do you think?
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