Half of workers who had wanted to retiree this year have shelved their plans and will continue in their jobs, according to new research.
Fortunately, 43% confirm they enjoy working and look forward to the continuing challenge.
Out of those who will stay working, one in 12 say they cannot afford to retire, while 47% blame the rising cost of living, according to research by financial firm the Prudential.
The firm adds that 2018 is the sixth year in a row where retirement plans are scaled back or abandoned hoping to top-up their pension income.
One in four (26%) say they would like to reduce their hours and carry on in their current job, while one in seven (14%) plan to no change and to continue working full time in the same role.
Shift to ‘preretirement’
But a fifth (19%) have entrepreneurial plans to start their own businesses.
One in 12 say they will work on because they cannot afford to retire.
Money is not always the most important factor for the over 55s, as 54% of those working past retirement want to keep their minds and bodies active, while 43% confess to enjoy their job and 26% prefer not to stay at home.
Stan Russell, a retirement income expert at Prudential, said: “The shift to a ‘pretirement’ in recent years shows that many people reaching State Pension age aren’t ready to stop working. Reducing hours, earning money from a hobby or changing jobs are all ways to wind down from working life gradually and for many to avoid boredom and maintain an active mind and body.
Saving as much as possible
“However, not everyone has the luxury of choosing their retirement date due to their financial situation not allowing them to give up work and others may be forced to stop working for health reasons. Saving as much as possible as early possible in their career is the best way for people to ensure they are financially well-prepared for a retirement that starts when they wish, or need, it to.
““As people are increasingly treating retirement as a gradual process, regular discussions with a financial adviser can help to make sure that your retirement finances are sufficient to allow you as many options as possible.”
