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Retire at 65? Not in your, or your child's, lifetime

Posted on from Changeboard

Retiring at 65 seems to be a pipe dream to most UK workers. Is it time to start thinking about taking some time out mid-career to recharge the batteries?

A surprising number of UK employees feel they will be working well past the national retirement age of 65.

Research by Wealth Wizards found that just under a third (30%) of Brits believe that they will retire by 65, with one in five people stating they will probably still be working by the time they are 80. 42% of respondents believe that they will be doing some kind of paid work until the day they die.

Andrew Firth, CEO of Wealth Wizards said: “The concept of a three staged life, where we grow up, work and retire is changing.

“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.”

Nearly three quarters of respondents (74%) feel that their children will be working even longer than they plan to.

While one in three over 65s said they will be working into their 80s, nearly all of this group (93%) expect their children to be working longer than them. 

Firth feels that an increased uptake on sabbaticals may become prevalent, as employees look for a way to preserve their drive later in life: “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.”

 

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