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Staying in work ‘to stay young’

TWO in five people planning to retire this year would be happy to work past 65 if they had the chance.

Forty eight per cent of men and 32% of women coming up to retirement showed a desire to continue in employment after the standard retirement age. That’s according to Prudential’s Class of 2012 study, which looks at the finances and expectations of those approaching retirement age.

The main motivation for more than two-thirds (69%) of those surveyed is a desire to remain physically healthy and mentally active, while 39% do not like the idea of just staying at home. More than half (54%) claim that they enjoy working.However, despite wanting to stay in work, only 13% would choose to continue to work full-time with their current employer. More than one in 10 (11%) of entrepreneurial retirees would consider starting their own business or earn money from a hobby in order to keep working. Five per cent would work as charity volunteers.

Vince Smith-Hughes, retirement expert at Prudential, said: “There is a new retirement reality taking shape across the UK, with thousands of people actively choosing to work past the traditional retirement age.

“The fact that so many of this year’s retirees would keep working on a part-time basis is a strong indication that, for many, working is as much about staying young at heart as it is about funding retirement.

“Those retiring at 65 will face an average of 19 years in retirement which makes the financial and social benefits of working for longer an even bigger draw for a new generation of industrious retirees.”

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