One’s retirement? What retirement?

The Queen and Prince Philip referring to the retirement

Pensions

Julie Hutchison

4th June 2013 at 4:49pm

This Sunday marked the 60th anniversary of the Coronation of Queen Elizabeth II on 2nd June 1953.

It’s another reminder of how someone in her 80s is remaining active in her role, long past an age when many people might have been happy to retire.

There are however clear signs that a growing number of people in the UK might be reviewing their approach to retirement, for many different reasons such as the social aspects, liking your work and wanting to continue to earn an income.

Now recent research also suggests that continuing to work when you are older can actually be good for your health.

A recent report from the Institute of Economic Affairs suggests that staying in work into your later years could be beneficial for your physical and mental health. If that’s the case, we could see more people postponing their retirement and continuing to work until they are older.

Our research suggests that a significant proportion of people in the UK are already planning to work past state pension age for a wide range of reasons, including the financial benefits.

And many are also thinking about what that work might entail.  Some hope to work for charities and many have said they’ll aim to work ‘on their own terms’.

Below are some of the key stats from the Standard Life research:

33% of people are aiming to work beyond age 65.

  • 33% of people are aiming to work beyond age 65
  • 38% of people want to continue working after retirement but will work either part time or more flexibly
  • 64% of people plan to work on their own terms for organisations that they like in retirement
  • 31% of people plan to work for charities or other non-profit making organisations in retirement
  • 6% of people don’t think they’ll ever retire

Retirement and later life are being re-defined.  And part of that re-definition involves people looking at the income they would like, for the lifestyle they want, which could involve climbing Everest (as someone aged 80 has done recently) or being a DJ at the age of 91.

Source: YouGov plc. All figures, unless otherwise stated, are from YouGov Plc.

Total research sample size was 2174 adults. Fieldwork was undertaken between 31st August – 2nd September 2011.  The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

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