More than one in ten (11%) respondents over the age of 60 who have not yet retired do not plan to ever do so, according to research by annuity provider Retirement Advantage.
Its survey of 1,009 adults, conducted for Retirement Advantage by YouGov, also found that 6% of over 50s that have yet to retire do not plan to ever do so.
The research also revealed that:
- 41% of the over 50s that do not plan to retire cite concerns about having enough money to do the things they would like to do in retirement.
- One in five (20%) of respondents over 50 worry about losing the social aspect of work in retirement, while 20% named boredom as a concern.
- Almost half (47%) of respondents over 50 plan to switch to part-time work, while 22% intend to take on an unpaid, voluntary role.
Andrew Tully (pictured), pensions technical director at Retirement Advantage, said: ‘The research demonstrates the traditional idea of a cliff-edge retirement at state pension age is well and truly in the past. What we’re seeing instead is a phased approach, where retirees expect to continue to work in some capacity beyond traditional retirement age.
“What people want and expect from retirement has changed. Now it’s time for the pension industry to evolve as well. Products and services need to allow retirees the flexibility to vary their income across their retirement as they need it.
“With many retirees considering easing into retirement by continuing to work in some capacity, the pension income they require on the first day of retirement will quite often be completely different to what they need 10 years later.”