Prudential research finds most new pensioners considering working beyond retirement
According to figures from the latest Prudential Class of 2011 research, 62% of those who had planned to retire in 2011 would consider postponing their pension and continuing to work in order to boost their retirement income.
Of those considering putting off their retirement, 46% said they will definitely have to continue to work in order to supplement their pensions or build up their savings further.
Prudential’s Class of 2011 study surveyed people intending to retire during the forthcoming year. The findings highlight the growing trend for part-retirement in the UK as pensioners face up to the reality of funding a far longer period of retirement.
Of those initially intending to retire in 2011 but now planning to continue working, 53% said they would like to stay with their current employer - either working part-time or fulltime - while 11% plan to seek part-time work with a new employer.
The survey results also show that 32% of those due to retire in 2011 would consider working for up to another two years if it guaranteed them greater retirement income.
22% reported they would work for another two to five years, while 8% would be prepared to work for five to 10 years to boost their retirement pot.
Vince Smith-Hughes of Prudential said: "The only realistic option for people who want to avoid having to continue to work beyond the traditional retirement age, is to save more and to start saving earlier. Seeking advice from a financial adviser should be a prerequisite to ensuring you achieve the level of pension income you want and need.
"Since 2007 studies by Prudential have identified part-retirement as a growing trend – a trend that looks set to continue in 2011. This year will see the phasing out of the default retirement age, making it easier for those wishing to stay on at work. Additional retirement income is also becoming more important as the security of a defined benefit pension scheme disappears for many people.
Prudential’s research also showed that 19% of those planning to retire this year are not willing to work any longer, even if that decision means they will struggle financially in years to come. Only 12% of the Class of 2011 reported that they have ruled out working beyond their planned retirement because they feel that they have already saved enough for a comfortable retirement.
The number of new pensioners considering working beyond their planned retirement age in 2011 (62%) has increased since last year when 57% of those questioned said that they would consider continuing to work in return for a higher retirement income.
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Survey conducted by Research Plus between 6 and 14 December 2010 among 10,143 UK non-retired adults aged 45+ including 1,005 planning to retire in 2011 using an online methodology.
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