With rising life expectancy, more people expect to continue working during retirement.
This isn’t always for financial reasons, with the desire to stay active and have purpose often prompting a continued career in later life.
A new online poll by Skipton Building Society of over 2,000 Brits has found that more than half expect to continue working during what might have previously been viewed as a traditional retirement.
18% of those who expect to continue working plan to stay in full time employment and one in four plan to work on a part time basis to boost their income in retirement.
Those who can afford to retire might not choose this option.
The research found that the average retiree gets bored of not working after only ten months and will then look for other ways in which to fill their time.
A third of people plan to help others in retirement, and one in six will use their skills from previous careers to help communities through volunteering.
A fifth of people who say they will be too busy in retirement to enjoy that newly found leisure time, as they will be responsible for childcare for their grandchildren and even caring for elderly parents.
According to Andrew Sheen, editor of Retiresavvy.co.uk:
“You often hear younger people talking about their aspirations for later life, their dreams of travelling the world and enjoying a relaxing retirement.
“But as they get older they realise this isn’t always going to be the reality for them.
“For some, this is a choice – but for others it is not, and their hands are forced by financial or personal circumstances that prevent them from stopping work, no matter how much they’d like to.
“For others this new reality can be simply due to wanting to help out family members, or because the retirement boredom has set in.
“But what is clear from our research, is that retirement is what you make of it, be it relaxing, volunteering, supporting the family or even going back to work – and planning ahead is key.”
Retiresavvy.co.uk from Skipton Building Society came up with 7 things people miss about their work when they retire:
1. The workplace banter and colleagues
People are social creatures and the workplace is usually the most social place we know. Over half of retired Brits (54%) felt the retirement glow wore off because they missed the camaraderie they had at work, while 62% of retired women and 44% of men admitted they missed the banter they shared daily with colleagues.
2. The job title (and the feeling of importance that goes with it)
Lots of people define themselves by what they do for a living and get self-esteem from their job title – even carrying this over into retirement. Job titles give structure and meaning to people’s place in society, so it’s hardly any surprise that some people feel a loss of self-worth when they give up work – this can be particularly the case for men in more senior positions.
3. The stress and satisfaction of a job well done
Work can be stressful at times, but with that often comes the satisfaction of a job well done, which can be lacking in retirement. Four in ten felt in retirement their mind was no longer being pushed and still felt capable of completing a full time job.
4. The routine of a 9-5, five days a week
People might hate the drudgery of the 9-5 workday, but it’s ironic that in retirement, more than a third of respondents said they were fed up that every day ended up being the same as the last, while one in five felt completely redundant. Loneliness, boredom, and the feeling of ageing quickly were all cited as reasons why retirement wasn’t as enjoyable as they had imagined.
5. Time away from the other half
Going from working a full week plus commuting time to spending all your time at home can be a strain on relationships. Four in ten couples find it impossible to live with each other during retirement as they’re just not used to spending so much time together after working for so long. Many couples struggle to fill the hours with so much spare time, and probably argue more as a result; in fact, 11% say they disagree about how they will spend their day.
6. Being kept busy and out of the house
Say what you like – but work does at least keep you busy during the day. Skipton found that a fifth (19%) of retirees thought daytime television was ‘awful’, a quarter (24%) said the great British weather stopped them getting out and about as much as they would have liked, while about one in seven (14%) were taken for granted a little by family, as it became expected for them to run around after children and grandchildren.
Most people’s incomes take a hit in retirement as they move from a monthly wage to living off a pension or other retirement salary. A third of retirees (31%) struggled to cope without their monthly wage packet – making it all the more important to have good pension plans in place before leaving work.
What will you miss most about work when you retire?