Many of us dream of the day we'll be able to retire and leave the stresses of the workplace behind, but unfortunately, research from Skipton Building Society and retiresavvy.co.uk has revealed that this dream may be further away from reality than many people hope for.
Far from giving up work as soon as retirement age hits, the research shows that 59% of respondents expect to still be facing the daily grind long into their golden years. In fact, 18% expect to remain in full-time employment, while 25% are planning on working part-time to keep their retirement income topped up – 31% of retirees admitted that they struggled to cope without their monthly salary – with just 21% of those surveyed believing that they'll be able to enjoy a relaxing retirement.
However, it isn't all down to a lack of funds. Some respondents actually prefer to stay in the workplace – the average retiree admits that they get bored just 10 months after leaving work, with 54% missing the camaraderie and four in 10 feeling that their mind was no longer being pushed and that they were still capable of completing a full-time job.
Conversely, some pre-retirees are hoping to engage in other activities to fill their spare time, with 36% hoping to be busy helping others and 16% looking to volunteer. A further 21% think that they'll be too busy to put their feet up, with many expecting to provide childcare for their grandchildren or even care for their own parents.
Andrew Sheen, editor at retiresavvy.co.uk, commented: "You often hear younger people talking about their aspirations for later life, their dreams of travelling the world and enjoying a relaxing retirement. But as they get older they realise this isn't always going to be the reality for them.
"For some, this is a choice – but for others it is not, and their hands are forced by financial or personal circumstances that prevent them from stopping work, no matter how much they'd like to.
"For others this new reality can be simply due to wanting to help out family members, or because the retirement boredom has set in. But what is clear from our research is that retirement is what you make of it, be it relaxing, volunteering, supporting the family or even going back to work – and planning ahead is key."
As Andrew said, if you want to make your retirement aspirations a reality, planning ahead is vital. You'll want to save as much as you can from as early as possible – ideally in a workplace pension, but you may like to have other savings vehicles such as an ISA – to build up your pot, and when the time comes to start considering your options, consult our no obligation annuity planner to see how you could secure an income.
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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