New research from Prudential has shown that more than one in three people over the UK retirement age are either still working or are planning on taking another job. Of these, nearly 5% return to work on a better salary, 8% are choosing to start their own company and 15% remain in their old job beyond retirement age.
Although some retirees return to work in order to remain active, the majority do so because they simply can’t afford to retire and they need extra cash to make ends meet.
This research by Prudential demonstrates how people reaching retirement are increasingly likely to remain working, as opposed to retire completely.
If retirees do opt to delay their retirement because they want to hold off on drawing their pension, they typically enjoy an extra £10,000 if they live for 24 and a half years into retirement, which is the UK average.
Recent pension freedom reforms have allowed over 55’s to take control of their own pensions so they’re free to spend, save and invest as they wish.
Current state pension age for men is 65 whilst for women it’s 63 years. However, by October 2020 this will be 66 years for both men and women.
Consequently, more people are turning to invest-and-drawdown schemes which offer greater flexibility in how and when people use their pension pots.
The major benefits, therefore, of returning to work in retirement are being able to earn extra cash but also deferring taking the state pension.
It is crucial to ask yourself the following questions :
- What age do I want to retire?
- What age can I afford to retire?
It is absolutely imperative to sit down with your Wealth Manager to find answers to these two questions.
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