Almost half of working over 50s don't know when they will fully retireWednesday 24 September 2014
• 44% of over 50s don’t know at what age they will be able to fully retire • One in six have put off retirement indefinitely • 55% are retiring later than they planned to five years ago
Almost half of working over 50s don't know when they will fully retire
New research for Saga reveals that 55% of over 50s in work have changed their plans in the past five years to retire later. Whilst many have done so because they want to work longer, many are forced to continue to work in order to supplement their pension income.
The Saga Populus poll of 9,794 over 50s also revealed that almost half (44%) of the Saga Generations who are still in work have no idea at what age they might be able to retire and one in six (16%) have put off their retirement indefinitely.
Thanks in part to the abolition of the default retirement age, the number of workers aged 50 and over has been steadily increasing from 8.089 million UK workers at the start of the current parliament in May 2010, to 9.084 in the three months to July 2014 – an increase of nearly 1 million - and the trend is set to continue.
Paul Green, Saga’s director of communications commented “The increasing number of over 50s in the workforce is great news for our economy. No longer are we hearing daily of people forced out of the jobs they love simply because their employer wants to trade them in for a younger model.
“A million more over 50s are continuing to work, but 40% of the Saga Generations are choosing to reduce the number of hours they work once they reach state pension age. This is good news as retirement should not be a cliff-edge decision where you go from full time work to nothing the following morning. It seems the experience of older workers is at last being valued.”
However, the figures also reveal that whilst almost a quarter (24%) have continued in work because they enjoy the social and physical benefits it brings, almost half 44% have done so for financial reasons to help fund a better retirement.
Paul Green continued: “Over recent years many people approaching retirement have found that their pensions have simply failed to keep up with expectations. Some need to carry on working just to make ends meet, let alone live the retirement they had dreamed of”.
Saga populus panel interviewed 9,794 Saga customers, all aged 50+, online between 12th and 19th September 2014. Populus is a member of the British Polling Council and abides by its rules.
Saga provides products, services and insight to help improve the lives of those over the age of 50. The Saga brand has been carefully developed over the past 60 years to become one of the most recognised and trusted brands among UK consumers aged over 50. Saga is synonymous in the UK with the over 50s market and is recognised for its high quality products and services. These include cruises and holidays, home and motor insurance, savings and share dealing and the UK’s award winning Saga Magazine. Saga also provides domiciliary and primary healthcare services through Allied Healthcare. In addition to more than 2.1 million active customers it has built a proprietary database of more than 10.4 million contactable names.
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