Employment

Over Half of UK Adults Will Work Past Retirement Age

Written by Robert Gibson

Friday, November 8, 2019

Fidelity International’s survey of 2,400 UK adults suggests that more than half are planning to keep working beyond their official date of retirement.

• 52% of respondents confirmed they expect to work at least part-time during their retirement.
• The majority expect to retire from their primary job when they reach 66,
• 45% expect to work into their seventies
• 9% will work into their eighties.
• More Londoners (64%) plan to continue working into their retirement, compared to the national average of 52 per cent.
• Higher-income households in excess of £50k are more likely to continue working beyond retirement age.

Fidelity has indicated that this last point for higher-income households suggests that for retirees, choice plays more of a part in their decision to keep working than financial needs.

Maike Currie, director for workplace investing at Fidelity International, said that 60 is now widely seen as “the new 40”, as today’s retirees are healthier, living longer, and retiring at different ages.

He added that this relatively new attitude to work would transform the jobs market as people work into their late sixties and early seventies. He also said that these new “so-called retirees” will have a growing influence on consumer spending as pension reforms allow them to cash in their life savings and spend the money as they wish.”

It also raises the question of how employers can capitalise on this growing, experienced and vital mature workforce.  In addition, it provides food for thought for succession planning and offering flexibility on retirement plans so as not to pigeon hole all workers as immediately reaching for the slippers come the day they’re due to retire.

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Written by Robert Gibson, Senior Consultant - Employment Law

Robert is a Senior Consultant at Samuel Phillips and specialises in employment and business matters. He advises in relation to employment and shareholder disputes, including pensions and related issues.

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