More than half of UK adults plan to work during their retirement

New retirement trends research from Fidelity International suggests that more than half of UK adults are planning to keep working in some capacity during their retirement.

Fidelity has surveyed 2,400 people in the UK on their views about their readiness for retirement, with 52 per cent of respondents saying that they expect to work at least part-time during their retirement. Those surveyed expect to retire from their primary job when they reach 66, on average, but 45 per cent expect to work into their seventies and 9 per cent are even prepared to work into their eighties.

The research also reveals that those with the highest household incomes, with an annual income of more than £50,000, are more likely than those on lower incomes to plan to work in their retirement. Fidelity has said that this suggests that for some retirees, choice plays more of a part in their decision to keep working than financial needs. This seems particularly true given that those with a household income of more than £50,000 expect to retire from their main job at 65, while those earning under £50,000 see themselves retiring at 67.

Sixty-four per cent of Londoners have plans to continue working into their retirement, compared to the national average of 52 per cent, according to the survey.

Maike Currie, director for workplace investing at Fidelity International, said that 60 is now widely seen as “the new 40”, as today’s retirees are healthier, living longer, and retiring at different ages.

“Retirement is no longer the cliff edge it used to be - the important thing, however, is to have choice,” said Currie. “Whether that be to work, to retire completely, or somewhere in between, it’s important for people to hit retirement age free from money worries, and with the ability to continue the lifestyle they have become accustomed to. The solution lies in having a plan and knowing the amount they need to put away each month. This way, working in retirement can remain a choice, rather than a necessity.”

He added that the this relatively new attitude to work would transform the jobs market as people work into their late sixties and early seventies. He also said that these new “so-called retirees” will have a growing influence on consumer spending as pension reforms allow them to cash in their lifetime savings and spend the money as they wish.”

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