More than one in ten people aged over 60 have no plans to ever retire, fresh research has suggested.
Some 11% of this age category told YouGov pollsters they were not intending to quit work, while this was the case for 6% of over 50s.
The research, which was carried out for Retirement Advantage, also indicated that nearly half (47%) of the over 50s expected to switch to part time work when they retire. A further 22% expected to take on an unpaid voluntary role.
Andrew Tully, pensions technical director at Retirement Advantage, said: “A significant minority of the over 60s are not planning to retire. While this might sound extreme, for many people, it’s about quality of life, staying active and engaged in society without the pressures of full-time work.
“But we shouldn’t ignore the fact that for some people this will be a necessity to boost income.”
Mr Tully said: “The research demonstrates the traditional idea of a cliff edge retirement at state pension age is well and truly in the past. What we’re seeing instead is a phased approach, where retirees expect to continue to work in some capacity beyond traditional retirement age.”
When asking the over 50s about the biggest issues they face when they retire, although having enough money to do the things they want to do was a big concern (41%), one in five (20%) said they were worried about losing the social aspect of work, with the same number also worried about being bored.
Mr Tully said: “The high number of people hoping to move into unpaid voluntary roles highlights how important continuing to make a contribution is for many people, as well as their desire to avoid losing the social aspects of work.”
“What people want and expect from retirement has changed. Now it’s time for the pension industry to evolve as well. Products and services need to allow retirees the flexibility to vary their income across their retirement as they need it. With many retirees considering easing into retirement by continuing to work in some capacity, the pension income they require on the first day of retirement will quite often be completely different to what they need ten years later.”