One if five people who have officially retired are continuing to work on a part-time or casual basis, according to new research from Punter Southall Apsire.
These figures show the growing trend for people to continue working beyond normal retirement age, which has resulted in an ageing workforce.
The survey found that this was partly due to financial necessity. However more than one in 10 of those still working (11 per cent) said this was because they enjoyed contributing and were “bored” with retirement.
However the study shows that two-thirds of those who are beyond the state retirement age have stopped work completely.
Punter Southall Aspire also found that 43 per cent of those who have not yet retired, said they planned to do so before they reach the age of 65. A further 17 per cent said they planned to retire fully by the age of 70.
Punter Southall Apsire managing director Peter Selby says: ““Once upon a time, you hit “retirement age” and that was it, you stopped work. Some people even retired early in their 50s.
“However, our survey reveals a changing picture of retirement that mirrors the broader UK outlook, and underlines the growing need for people to save for their retirement.”
The Office for National Statistics projects that more than a quarter of UK residents will be aged 65 years or over within the next 50 years. ONS figures for December 2017 to February 2018 highlighted that just under 1.2 million people over the age of 65 were in work – or 10.2 per cent of this age group.
Selby adds: “Many people hitting retirement today, who may be living well into their 80s and 90s, won’t necessarily have sufficient savings to stop work at 65. Our survey suggests even if people have built up an adequate pension pot, they don’t necessarily want to stop work.
“We advise people to take note of these trends to assess their own situation, whether they are nearing retirement or a few decades off. What people do today with regards to pension saving can have a big impact on whether they have the choice to retire or not.”