One in five people will be working at 80. Only 30 percent of Brits will retire by 65 and 42 percent of people will work until they die. As the UK’s oldest person turned 110 last week, pension advice experts Wealth Wizards release research today looking at the changing face of retirement.
The surprising research showed that less than a third of Brits (30 percent) believe that they will retire by 65 with one in five people thinking that they will still be working by the time they are 80. Remarkably nearly half of the population (42 percent) believe that they will be doing some kind of work until they die. What’s more, the age of retirement appears set to increase as three-quarters (74 percent) of people believe that their children will be working even longer than they plan to. While one in three over 65 year olds said that they would still be working at 80, nearly all of this group (93 percent) believed that their children would be working longer into old age than them!
Andrew Firth, CEO of Wealth Wizards said: “The concept of a three staged life, where we grow up, work and retire is changing. As we are living longer we are seeing more and more people planning to work well into their 80s and sometimes for their whole lives. “There is definitely a gap between the age people would like to retire and the age that they think they will need to retire to survive. This needs to be addressed. Resources are available, like digital pension advice, to help people plan for their retirement and work towards a retirement age that they are happy with, rather than them finding themselves later in life with a world without work nowhere in sight.”
Even when people do retire, fifty per cent of people believe that they will need to get a part-time job to supplement their income.Firth continued: “Based on the stats and the fact that people will work longer, I believe that we may start to see more career breaks and sabbaticals along the way so people can preserve their energy to allow them to work into their 80s.”