Putting retirement on hold

More than half of workers would be prepared to postpone their retirement if it meant they could get a higher pension, a survey showed.
By The Newsroom
Published 14th May 2010, 21:26 BST
Updated 14th May 2010, 21:26 BST

Around 57 per cent who are due to retire this year said they would be willing to work for longer in order to get a higher income when they did stop, according to insurer Prudential.

A quarter of people approaching retirement said they would be happy to work for a further five years, while 7 per cent would consider working for an extra 10 years.

Hide Ad
Hide Ad

Only 18 per cent who are due to retire this year said they thought they had saved enough to ensure they would have a comfortable retirement.

A fifth of people also said they would not consider working on past the statutory retirement age, even if not doing so left them struggling financially.

Vince Smith-Hughes, head of retirement income at Prudential, said: "Working beyond the normal retirement age is already a reality for many people who either have insufficient savings or simply want a greater income when they do come to retire.

"But for a lot of people planning to retire in the very near future the state retirement age is sacred and their expectation has always been to retire at 65.

"Once they reach that milestone, regardless of the amount of money they have, they simply do not want to work anymore."