Research by Prudential also shows that 13% of those scheduled to retire have chosen to delay. Class of 2014 is Prudential’s seventh annual study tracking the future plans and aspirations of people who plan to become new retirees this year.
It said more than half (54%) would consider working past the state pension age to make their retirement more financially comfortable. While 23% would consider working full-time, 31% would prefer part-time, ideally continuing in their current job with reduced hours.
The main motivation for 57% of this year’s retirees who would consider continuing to work past the traditional retirement age is to keep mentally and physically fit. While 35% would welcome the chance to boost retirement savings, 40% simply enjoy working and 39% don’t feel ready to retire.
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.”
“Working past traditional retirement ages is not solely driven by financial pressures and the research shows growing numbers of people wanting to carry on working because they enjoy it and because it keeps them stimulated mentally and physically. Increased life expectancy and improvements in general health are changing how we think about retirement.”
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