Middle earners are more likely to stay in work until state retirement age, with early...read more
A new report from insurance firm Aviva suggests more and more people are expecting to reduce their working hours before retirement and to work part time beyond retirement.
More than two in five (44%) 55-64 year-olds plan to move into ‘semi-retirement’ before they reach 65, allowing them to draw on their pension savings while continuing to work part time, according to new research from Aviva.
The research, from the fourth edition of Aviva’s Age of Ambiguity study, explores changing attitudes towards work and retirement.
More than nine in ten (91%) people described themselves as “much happier” since reducing their working hours, suggesting that semi- or partial retirement – ‘part-tirement’ – could be the answer for more than half (55%) of workers who like the idea of continuing to work through retirement, giving them freedom in later life, while remaining part of the workforce.
Meanwhile, almost three in five (59%) 18–34-year-olds say they plan to semi-retire before the age of 65, rising to 61% of those aged 35-44.
And four in five (80%) over-65s said they liked the idea of working through retirement, with at least two in five (41%) of every age group in favour of the idea.
Michele Golunska, Managing Director for Wealth and Advice at Aviva said: “In a climate where longer working lives are becoming the norm, semi-retirement is a chance to experience the ‘best of both’ which can benefit both employees and employers.
“Retaining connection to their workplace is an appealing option for many people who are still working towards their financial goals or are simply not ready to stop working . It also provides an opportunity for employers to continue to harness the knowledge and expertise of more experienced staff for longer.”