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31 Aug 2018

Just one in four expect to stop work completely at retirement age

August 15, 2018

The concept of retirement is changing, with growing numbers of people choosing to work past traditional retirement ages, or reduce their hours gradually.

Stopping work on a set date like a 65th birthday is no longer seen as the norm, according to research by Aegon.

Only one in four workers in the UK now expect to stop work all at once and fully retire. In contrast, half of those already retired did just that.

There are differences between the sexes, though, as men are far more likely (32%) than women (23%) to stop work completely and hang up their tools for good.

In the 21st century the balance of the workforce has changed as people delay retirement or work in a different capacity beyond typical or state pension ages, resulting in a higher numbers of older workers.

Now, the majority of UK workers, 61%, see some form of transition to retirement where they continue working as they currently are or work part time for a while during their ‘retirement´.

Most choose to stay in paid employment for positive reasons: keeping active/keeping the brain alert (62%) and enjoying work (39%) are the two most common reasons.

However, the state pension providing enough money was a specific concern for 33%, while running out of money caused anxiety for 30% of respondents.

Commenting on the findings, Steven Cameron, pensions director at Aegon, said: “Many people are choosing to keep working and earning, perhaps by cutting back their hours gradually, even once they´ve started taking their pension.

“The UK government´s introduction of pension freedoms and banning employers from having a fixed retirement age has made it easier for more people in the UK to choose to work past traditional retirement ages.”

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