Many over 55s plan to work past traditional retirement age

A big chunk of over 55s plan to continue working past what would previously have been considered their retirement age of 65, researchers have found. Some 34% said they would be seeking to stay in work beyond this age, according to new figures from Scottish Widows think tank the Centre for the Modern Family.It found a significant gap between those who want to carry on working versus those who need to continue earning.Over half (54%) of those who choose to stay in employment said that they don’t feel ‘old’ enough to retire, and 24% want to keep working because they enjoy their job and want to continue their professional development.{desktop}{/desktop}{mobile}{/mobile}The number of over 65s choosing to continue to work has risen 26% to 1.1 million since the abolition of the default retirement age in October 2011, and despite the difficulties facing many ‘pretirees,' a growing number of older workers are taking the changes to legislation as an opportunity to continue working for their own wellbeing.The study highlighted that one in five men (17%) and one in 10 women felt improvements in family relationships as a result of spending more time independently.The changing shape of the family unit has also impacted the possibility of retirement for many over 55s, with ageing relatives and boomerang children adding financial pressure at both ends of the spectrum.Almost a fifth admitted that they will continue to work in order to support their family financially, yet 17% felt their ability to do their job is impacted because they are tired and stressed from balancing work and family life.Some 44% of over 55s who plan to continue working also said they will need to do so in order to supplement their pension, and a further 13% still have debt or a mortgage to pay off.More than half (54%) of over 55s admitted that they are already struggling to make ends meet and have had to adjust their spending habits before considering life on a pension. Almost a quarter (23%) say they have spent their savings or contribute less to savings now (24%) as a result of living costs in the last year, while a third (33%) have cut down on leisure spending.Jackie Leiper, director of employer relationships at Lloyds Banking Group, said: “As the face of Britain’s workforce continues to evolve, we need to step back and ask ourselves if we are truly embracing this change and meeting the changing needs of a generation of people who are continuing to work beyond the age of 65 whether out of desire or necessity.“A more diverse and flexible workforce brings significant potential for us to increase our productivity and competitiveness as a nation. However, we will only make it a success if we fully support employees finding the right balance between work and family commitments later on in their working lives.”- The report was based on both quantitative and qualitative inputs, including a nationally representative YouGov survey of 2,000 adults, a further YouGov survey of 500 business leaders spread across all sizes of employer, interviews and discussions with the Centre for the Modern Family panellists, and a series of focus group sessions also conducted by YouGov.

Many over 55s plan to work past traditional retirement age

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