Anyone wondering about the best time to retire now has the answer – according to a new survey its 60 years old.
Giving up work by that age is the optimum for allowing time to spend with the family, to travel and enjoy life before deteriorating health puts a brake on how much they can do, retirees told an insurance company.
Some workers approaching retirement disagreed and felt waiting an extra five years was just as good, but allowed them to earn more cash to finance their later years.
When asked about their concerns for retirement by researchers for insurer Engage Mutual, most over 50s replied money.
Around 60% are worried about affording to maintain their lifestyle on a reduced income, while 54% fear they will not have the cash to pay day-to-day bills or to fund emergencies.
Fears and concerns
The insurer also asked what people want to do in their retirement – the answers were:
- 66% want quality time with grandchildren and children
- 80% have plans for travel and activities with their partners
- 87% want to travel overseas
- 80% hope to have enough money to finance their retirement expectations
Meanwhile, most believe being aged between 50 and 60 years old is still young.
- 80% believed they have skills and experience to offer employers
- 71% enjoy the companionship at work
- 41% are not looking forward to retirement and 13% of those aged between 66 and 70 years old are still working
From a personal stance, 10% fear their children will want them to act as an unpaid childcare service, 20% think constant companionship with their partner may drive them mad , but 19% fear loneliness.
Public service
“Switching from an active working life to a life of leisure can come as a big shock to many as they retire said a spokesman for Engage Mutual.
“What we have tried to do is build a picture of what those approaching retirement expect out of life. We have also asked them about the retirement finances and concerns.
“The lines are becoming blurred between the end of working and retirement as more people keep a foot in both camps instead of completely giving up work.”
Figures from the Office of National Statistics show that 1 million over 65s are in work – a level reached for the first time.
“Besides work, many retirees are also opting for voluntary work or public service roles that gives those who have given up work something to do and a way of passing on their experience,” said the spokesman.
