Health not wealth is the real decider over when many people retire, according to a new study.
More than 5 million workers aged 50 years old or more fear that their health rather than the amount they have saved will prevent them from working into retirement to ease their finances.
More than half (55%) have worries about poor health impacting their working lives, says the research by financial firm Aviva.
And 13% say this is already an issue for them.
Aviva says the average over 50s worker plans to retire at 66 years old, but many have plans to work until 70 or even older, but 40% do not know when they will give up working.
Health leads to work and lifestyle changes
Many expect to retire later than they had planned. In 2010, the over 50s retired at 65 for men and 62 for women, but this has risen to 66 years old across the board.
The main reason for not retiring is money – with 43% not having enough savings to retire when they want and 32% concerned they do not have enough cash to fund a comfortable retirement because of the rising cost of living.
But, says the report, 34% enjoy the mental stimulation of working and 27% like the social interaction of the workplace.
Lindsey Rix, managing director, savings and retirement at Aviva, explained that a real concern for a fifth of over 50s was that their job did not suit their changing health requirements and that few companies offered training or flexible hours to help them stay in work.
Flexible hours and retraining
“One of the primary concerns people have about working beyond their 50s is the impact this could have on their health, or whether any health concerns might prevent them from working. Having access to health and wellbeing support in the workplace can help minimise the impact health problems have on people’s ability to work. Flexible working options and reduced responsibilities are also a way of ensuring those with developing health concerns can remain in the workforce,” she said.
“Negative employer views towards older workers are a real roadblock to the over-50s. Employers must recognise that over-50s bring with them a wealth of valuable knowledge, skills and experience that would be an asset to any business. Workers who feel undervalued at work because of their age should feel safe to speak up.”
