All work and no play makes retirement more comfortable

Published: 21/02/2014

More than half of workers approaching the State Pension Age are considering remaining in employment in order to make their retirement more financially comfortable, according to a recent study.

The ‘Class of 2014’ is Prudential’s seventh annual study which investigates the plans and aspirations of future retirees.

But while finances are a contributing factor to many people’s decision to stay in work, there are many who are choosing to remain in employment for other personal reasons. Of those 57 per cent plan to stay in work to keep mentally and physically fit while 40% also claimed they enjoy working and 39 per cent stated they ‘just weren’t ready’.

Richard Espley, Head of Equity Release at Goldsmith Williams, comments:

“While those of us who are a good few years, or even decades, away from the State Pension Age may find it hard to fathom why those who can retire choose not to, I expect once that time comes you’re in a very different mindset. And this is great if people who want to keep working can.

“However there is also a large proportion of workers who feel they can’t retirement due to financial reasons.

“For them equity release could offer them a way out of the ‘rat race’ and offer them the comfortable retirement they so desperately seek.”

Content correct at time of publication