No retirement plans as workers need to make ends meet

Retirement plans are changing radically as people no longer expect to put their feet up at 65 due to money constraints and simply because 65 is no longer deemed old.

A new survey by shows that over 40 per cent of people plan to continue working beyond the official age of retirement, with over a third (36 per cent ) saying they plan to keep working to stay busy and 50 per cent saying they believed they must keep working to make ends meet. Another seven per cent said they thought that 65 would be too young to retire while an additional seven per cent said they enjoyed their job so much they wanted to keep doing it.

Comparing the ages of the respondents, it was revealed that older workers were more inclined to want to work beyond retirement. Up to 60 per cent of respondents in the 46-55 age-bracket were keen to keep going, while at the other end of the scale 80 per cent of the under 25s did not want to work beyond retirement age.

“Our findings highlight the fact that many workers within 10-15 years of retirement are in fact keen to continue working and mainly because they want to keep busy,” said marketing manager Valerie Sorohan. “Older workers can and do add real value to the workplace, bringing their experience and creativity to the world of work. As the number of older people in work grows it confirms the crucial role that lifelong learning plays in all our working lives.”

Once they do retire, 40 per cent of respondents hope to spend their retirement travelling, while 35 per cent plan to develop new hobbies and interests; 22 per cent say they would like to spend more time with their family while an enterprising three per cent say they are planning to start a new career in their retirement. also asked respondents about their financial planning and pension plans. The majority of respondents (56 per cent ) said they had a pension, and of those respondents 44 per cent had a company pension, 39 per cent had a private pension and another 17 per cent had a combination of both.

Of the 44 per cent of respondents who did not have a pension, most (55 per cent ) said they could not afford one; 18 per cent believed they were too young to think about one, 15 per cent said they were hoping to organise one this year; and 12 per cent said they had other investments that would generate income during their retirement years.

According to Ms Sorohan: “No matter what your plans for the future – retiring early or late, travelling, starting a new career or working – having a pension is essential. would advise all workers to start making financial provisions to allow them to have the future they want.”



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