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Nearly Half of 50+s Want Flexible Approach To Retirement

Nearly half of Britons approaching retirement would like to wind down their working patterns and have a more staggered approach to stopping work. Nearly a quarter (24%) would like to go part time in their current roles, while 12% would like a less demanding job and 1 in 20 (5%) would like to be self-employed.
However in reality, only around 1 in 6 (15%) retired people had actually altered their working patterns before stopping completely.

Of those continuing to work beyond state pension age, nearly half (47%) did so because they enjoyed working, although 32% say they can't afford to stop.

The findings come from in-depth survey of more than 1,600 people aged 50-66*
commissioned by Norwich Union which forms part of their new Rethinking Retirement report.

It also found that :-


    • 7 in 10 find retirement finance confusing (72%) and the advice around it conflicting (68%).

    • Less than half of people aged 50-66 know what their retirement income will be.

    • 6 in 10 pre-retired and recently retired would like more information on financing retirement.

    • 4 in 10 (42%) are concerned they won't have enough money to live comfortably, and less than half (48%) of pre-retirees have established what their retirement income will be.

    • And while 43% expect their state pension to be their main source of income, only 1 in 4 (26%) actually know what the maximum state pension is. Ironically retired people are more likely to overestimate the state pension than pre-retirees.


The report calls on the industry and Government to do more to ensure that the needs of today's retirees are fully catered for. It finds that a new breed of retirees - the so-called active ageing - is in need of simplified advice, flexible working patterns and more diverse retirement products.

Willie Mowatt, director of protection and post-retirement for Norwich Union, says:

"Retirement planning is an issue which is only going to grow in importance, so it is vital that action is taken now before it is too late. While the vast majority of people are looking forward to retirement, our research shows that many have concerns about getting older and funding later life. These concerns can be met by simpler financial products, clearer advice and greater flexible working plans. But industry and Government must work together to seek solutions to these issues.

"The Rethinking Retirement report is design to flag up these concerns while they are in their infancy and help organisations to work together to develop cohesive solutions to help future generations."


The research also suggested a need for more information at an earlier age, although only a third of people (33%) looked into retirement finances before the age of 50.

Posted by, Asif Yusuf

 

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