Many choosing to work beyond retirement age

Almost half of over-65s choose to work beyond the average retirement age, research by Zopa and Consumer Intelligence has found.

The survey of more than 2,000 people aged between 50 and 80 revealed that 47% of over-65s continue to work past retirement age. Three in 10 are in unpaid employment while 17% are still in paid employment.

When asked for the reasons why they continue working:

  • 27% said it keeps their mind active
  • 17% do it for financial reasons
  • 16% want to keep busy
  • 11% said work helps them keep healthy.

The research also reveals a growing uncertainty about the age of retirement:

  • more than half of 50-64 year-olds think changes to the state pension age make retirement more confusing
  • 28% said they will have to delay their retirement as a result
  • 89% of 50-54 year-olds don't know when they'll retire.

Giles Andrews, chief executive of Zopa, said:

"Retirement in Britain is no longer an event that involves clearing your desk at 65. Having a more fluid retirement process is a result of many of us being fitter and healthier later into our lives, not wanting to simply down tools at age 65 or being unable to afford to stop working completely.

"On the other hand, many are choosing to improve their work: life balance by cutting their working hours earlier in life.

"It will require many of us to review our own financial situations much earlier in regard to how we will support ourselves when we choose to stop working full time."

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