Quarter of retirees don't feel ready to stop working

Meanwhile 13% of those who had been scheduled to retire have chosen to delay their plans because they don’t want to give up work just yet.   

The research into the ‘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. More than half (54%) will consider working past the State Pension Age in an attempt to make their retirement more financially comfortable.

Around a quarter (23%) would consider working full-time while 31% would  weigh up the idea of working on part-time. Ideally they would prefer to continue in their current job with reduced hours, with 32%  of those considering working past the State Pension Age suggesting that option is the one that would suit them best.

However, this year’s results highlight positive attitudes to retirement despite ongoing financial pressures. 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. More than a third (35%) also cite the ability to boost retirement savings as a consideration, while 40% simply enjoy working and 39% don’t feel ready to retire just yet.

The study also found that the ‘Class of 2014’ are expecting a busy and enjoyable retirement – 53% of those planning to retire this year intend to do more exercise, 37% will be socialising more, while 36% plan to take up voluntary or charity work. Around 29% say they have no worries or concerns and are really looking forward to their retirement.

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.

“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."