UK workers putting back retirement
MORE than one in ten people who were planning to retire this year will now delay taking their pensions, according to research out today from Prudential.
Of those postponing retirement, 68 per cent say they are putting it off because they cannot afford to retire as originally planned.
But almost a third of those delaying said it was because they did not yet want to give up work.
The age at which people plan to retire is falling – the average age is now 60 years old, down seven months on 2010’s survey findings.
The Pru has been conducting annual retirement surveys since 2007.
“Although many people think the idea of retiring as early as 60 is out-dated, the majority of this year’s retirees are defiantly sticking to that plan,” said Prudential’s Vince Smith-Hughes.
“It’s likely that many of these people will have accumulated benefits in final salary pension schemes that generate an acceptable income in retirement – perhaps signaling that the golden era of retirement for baby boomers isn’t over yet.”
He added that retirement is becoming a more elastic concept, with many people choosing to work part-time rather than stopping outright.