Two-thirds 'want to work beyond 65'

Elderly manTwo in five people planning to retire this year would work beyond the age of 65 if they had the opportunity, a study has suggested.

More than two-thirds of those who would like to work for longer said this was driven by a desire to keep fit and mentally active, while around one in four said they did not want to be stuck at home, found research from Prudential.
Some 11% of retirees would consider starting up their own business or earn money from a hobby in order to keep working, while 5% said they would work as charity volunteers.

However, nearly half of retirees who would like to work past 65 would prefer to work part-time, in order to strike a balance, while only 13% said they would choose to stay on full-time with their current employer.

Vince Smith-Hughes, retirement expert at Prudential, said: "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 19 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."

More than 1,000 people who will retire this year took part in the study. It follows a report from the Pensions Policy Institute (PPI) published last month, which warned that almost half of older employees could have to work and save for more than a decade beyond their state pension age to maintain their standard of living.

The Prudential research found that those planning to retire this year from the East of England were the most keen to remain part of the workforce, with 54% saying that they would choose to work past 65 if they had the option.

Half (49%) of Londoners and 45% of people in the South East would also like to continue to work. But just 29% of people in Scotland planning on retiring this year would be happy to work past 65 if given the choice, along with 30% in Wales and in Yorkshire and Humberside, and only 21% of those in the North East.

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