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One in 10 never want to retire

One in 10 never want to retire

Category: Retirement

Updated: 30/11/2015
First Published: 30/11/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many people dream of the day they can leave work for good, but it seems that a growing number have the opposite idea: one in 10 of those surveyed by Co-op say that they never want to retire, while a further one in eight expect to hang up their work boots between the ages of 71 and 80, which suggests that the UK workforce could become older in the years to come.

Reluctant to retire

There's a definite reluctance to retire these days, and it seems that those over the age of 65 are the most unwilling to take the plunge – 18% of those aged 65+ said they didn't want to retire, while in contrast, just 8% of those aged 18-24 said the same.

Happily, this a lifestyle choice for many, with 21% choosing to work for longer because they liked their job, while 18% wanted to remain employed but cut down on their hours. A further one in eight said their employer didn't want to lose them, while one in 13 didn't want to slow down in later life, and a tenth wanted to save more for their retirement travel plans.

Financial matters

However, financial matters still play a part in the decision for many others, with this preventing a third from achieving their intended retirement age. The figures show that workers over 50 expect to retire at age 64, but a fifth had to work for longer than hoped, with 22% citing a lack of retirement funds, and 16% admitting that they needed to keep working in order to make ends meet.

Retirement wasn't an option for a further 11% as they had debts to pay off, while 7% still had a mortgage and 9% needed a higher income to pay for their rising gas and electricity bills. Some are even keeping the Bank of Mum and Dad open for business, with 8% admitting that they had to keep working as they were financially supporting their children for longer than expected.

James Antoniou of The Co-operative Legal Services commented on the findings: "It's understandable that, as a nation of workers, UK adults are keen to continue to work for as long as they can. However, with a third of over-50s delaying retirement due to financial concerns, the findings also highlight the importance of planning early for later life."

What next?

Find out more about workplace pensions and automatic enrolment to boost your chances of retiring when you want to.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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