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Brits rethink retirement

More and more people are planning to work into their 60s and 70s instead of taking early retirement.

New research from the government backs up the figures we reported on last week from Prudential, showing that two in five (43%) over 50s who are not already retired will keep working, while just a quarter (26%) plan to stop before they reach State Pension age.

Ipsos MORI research for the Department for Work and Pensions reveals money is the main motivator with a quarter admitting the recession has made them think about working on.

More than half say they have not yet done anything to plan for retirement and most are making important decisions without knowing basic financial facts.

22% said not feeling old enough to retire completely would keep them going, and 21% said they just loved their jobs too much.

Minister for Pensions and Ageing Society Angela Eagle said: “The idea that you reach State Pension age and suddenly stop work is being challenged by our generation of baby boomers with many not feeling old enough to stop work completely.

“There are real financial benefits of working just one or two years past State Pension age and I’d encourage everyone to explore the right work-retirement mix for them.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .