Only One in Three Will Give Up Work When They Reach 65

25 Sep, 2014

Two-thirds of workers approaching retirement intend to continue doing some form of paid or voluntary work once they are in ‘retirement’.

Two-thirds of workers aged 50+ plan to do some form of paid work during retirement, with nearly a third doing so because they enjoy working, rather than for financial reasons. A quarter of workers (26%) plan to do voluntary work in their retirement to help the local community or charities, according to a new report from wealth adviser Towry.

Retirement is no longer a point in time, but may be staggered, or phased. As such, some financial products that have historically been used to fund retirement, notably annuities, may have less relevance in this context.

A spokesman for Towry, 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.”