One in four not ready to retire – Company Formations in England

 

One in four people planning to retire this year don’t feel ready to stop working, according to research by Prudential.

The Class of 2014 study tracked the aspirations of people who plan to retire and found a changing attitude towards retirement.

Key findings from the research:

• 13 per cent of people scheduled to retire in 2014 have postponed their plans
• 54 per cent would consider working past state pension age to make their retirement more financially comfortable
• 23 per cent would consider working full-time
• 31 per cent would prefer to work part-time.

The study also found that the desire to work beyond retirement age is not solely driven by money:

• 57 per cent who would consider continuing working would do so to keep mentally and physically fit
• 40 per cent also say they simply enjoy working
• 39 per cent don’t feel ready to retire just yet.

Stan Russell, a retirement income expert at Prudential, said: “For many people retirement is now a gradual process rather than a watershed where you simply stop working one day and become retired the next, and that is reflected in the change in attitudes shown by our research.

“However, there is no one size fits all solution to retirement and many people will be looking forward to leaving work as soon as they can. What is important is that people plan ahead for retirement and do as much as possible to ensure a comfortable retirement by consulting a financial adviser or retirement specialist well ahead of their planned retirement date.”