Virtually half (48%) of UK employees anticipate to work past age 65 – and the same quantity is worred about poor well being and creating dementia in later life.
Aegon, the pensions and funding agency, stated it has carried out analysis which reveals that delaying retirement to maintain lively and preserve their mind alert is essential for 55% of individuals in UK, whereas working out of cash in retirement (40%) is much less of a priority than declining bodily well being (48%) and getting Alzheimer’s or dementia (41%).
Based on Aegon, it's the largest international retirement survey of its sort, carried out in 15 nations.
As compared only one in 5 (22%) employees in France anticipate to work previous 65, however (70%) of employees within the Netherlands plan to take action.
Throughout Europe UK employees are the least prone to cease work in the future and begin a lifetime of leisure the following, with just one in 4 (28%) favouring this feature.
Solely 28% of employees within the UK desire a “cliff edge” retirement, the place they cease working in a single go, the bottom throughout Europe and one of many lowest among the many 15 survey nations. Staff in Spain, for instance, are much more beneficial to stopping work altogether and coming into retirement, with 52% favouring this feature.
Based on the analysis, the motivation for working longer isn’t solely monetary acquire. Over half (55%) of these within the UK who wished to extend their profession recognized preserving lively and their mind alert as crucial profit of constant to work, whereas 37% stated they loved their work.
The deal with sustaining good well being and staying lively by means of work, tallies with individuals’s issues about later life. Declining bodily well being was cited as the biggest retirement concern (48%), adopted by fears of Alzheimer’s or dementia (41%). Each parts of failing well being had been seen as extra of a priority than working out of cash (40%).
Two in 5 (40%) of individuals within the UK say they're involved about their well being in older age but solely 46% of individuals say they consider their long-term well being when making way of life decisions. On common employees within the UK anticipate to dwell to age 80 and to age 75 in good well being suggesting an expectation of spending 5 years ill.
Kate Smith, head of pensions at Aegon, stated: “Individuals are more and more redefining their working years and time spent in retirement, selecting to mix work commitments with extra free time as they transition into retirement. There’s additionally a rising recognition that along with supporting our wealth, work can defend our well being too.
“An growing State Pension Age will clarify why some see themselves having an extended working life, however the analysis reveals an fascinating affiliation between well being and remaining in paid employment. As we speak’s era of employees recognise that probably the greatest strategy to defend their well being is to stay lively and that work could be a part of an lively life.”
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