10% anxious about retirement

| April 8, 2008 | 0 Comments
10% anxious about retirement

A study carried out by the Department for Work and Pensions (DWP) established over 50% of pensioners felt ‘unhappy’ on the first day of their retirement.

Approximately, 10% said they felt ‘sad’, ‘anxious’ or ‘lost’. Only 48% said they felt ‘happy’ about approaching retirement.

A spokesman for the DWP said employees are increasingly rejecting the traditional ‘cliff-edge’ retirement, when they suddenly stop full-time work at 60 or 65.

An increasing amount of people want to approach retirement gradually by slowly cutting back their hours or the number of days at work.

Keith Frost, from the Age and Employment Network, who are in favour of older workers, said more and more people want to keep on working. Some of the reasons are financial, but it is not all about money.

If they retire, people have suddenly got two or three decades facing them and they wonder how on earth they are going to fill the time. Work is what they have been doing for as long as they can remember, added Mr Frost.

1,000 men women over the age of 55 were asked how they felt when they woke up on the first day of their retirement and asked what they missed about their jobs.

The most popular answer was friends, followed by ‘being challenged’, office humour and gossip and ‘a reason to get out of the house’.

Official statistics show record numbers of pensioners are working beyond state pension age, currently 60 for women and 65 for men. The number has increased over the last 15 years by over 55% to 1.3 million. However, for many, working beyond state pension age is a necessity.

Neil Duncan-Jordan, of the National Pensioners’ Convention, said most people look forward to retirement. It is only their financial situation that holds them back from going early.

A recent study from Prudential showed that UK workers have nearly halved the amount they pay into private and company pension schemes in the last 12 months. Increasing household bills, rising mortgage repayments and below-inflation pay rises are affecting family finances, said the Prudential. People have no choice but to cut pension savings to keep their finances afloat.


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