Research finds the majority of people want to continue with some work after retirement age rather than downing tools completely
According to the most recent report published in The Lancet, average life expectancy in the UK will be 85.3 years old for woman and 82.3 years old for men by 2030.
For some then, a retirement age of 65 could actually be considered too young to down tools completely.
In fact, during the 12 months which followed the abolishment of the Default Retirement Age in October 2011, nearly a quarter of a million more people aged 65 and over opted to stay in work – a fact supported by recent research by AXA PPP healthcare, which found that the majority of people want to continue with some work after retirement age, rather than stopping completely.
Right now there has never been so much choice for those who are looking to delay full retirement.
Pension freedoms for example allow those over the age of 55 to have access to valuable lump sums which can then be used to fund new ventures, such as starting up businesses or provide the financial confidence to embark on a totally new career.
And adding to that, is the latest phenomenon of taking mini breaks throughout our career. These mini retirements mean that instead of deferring retirement to the end of our careers, we should consider breaks along the way, as we know we have the freedom to work for longer.
Tim Ferriss, author of bestselling life guide ‘The Four Hour Work Week’ and strong advocate for the mini retirement, argues that “instead of deferring retirement to the end of our careers, we would be happier, more fulfilled, and more productive if we instead took “mini-retirements” throughout our lives.”
Dr Yousef Habbab, Medical Director for Health Services at AXA PPP Healthcare, said: “Steady, continuous working lives can actually add to a positive outlook on life and provide an ongoing sense of fulfilment – research by the Institute of Economic Affairs, recently found that retirement itself has been found to increase the risk of depression by 40%.
“If you are looking to continue past retirement age, there are lots of sources of support to lean on, from health insurance, like that which we offer for SMEs, but also financial grants and advice from Age UK.”