1 in 4 due to retire in 2016 cannot afford to stop working

Pensions / Retirement
Approaching Retirement
Joe Phelan's picture
Many over-65s admit they need to remain in employment to retire comfortably.

Almost a quarter (22%) of those who were due to stop working in 2016 admit they have pushed back the date of their retirement as they feel they cannot currently afford to live without employment, according to latest research.

The study, carried out by Prudential, also found that over half (51%) of adults planning to retire this year have already reached state pension age, or would consider working past that point to ensure a comfortable retirement.

However, while remaining in employment is a necessity for some, many admit they will continue to work not because they need to, but because it makes them happy. Over a third (33%) of those at state pension age confessed they simply do not feel as though they are ready to retire, while over half (51%) said they want to remain working in some capacity in a bid to keep both their mind and body active.

As reported earlier this week, many over-65s are missing out on potentially substantial financial benefits by failing to seek financial advice. According to results supplied by Stannah, more than half of adults over the age of 65 admit they have never sought financial advice in a bid to better understand their finances, even when concerned about their money.

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