According to a new study, over 44% of 55–64-year-olds now plan to become ‘semi-retired’ before their 65th birthday. This will enable them to start drawing on their pensions while continuing in part-time employment.
UK workers with concerns about having sufficient provisions when they leave employment at pension age often seek assistance from specialists in retirement planning in Chester, Southampton and other cities. Wealth managers offer both pre-and post-retirement planning advice their clients to ensure that they have adequate income regardless of economic trends and market fluctuations.
The recent research is part of a study, exploring changing attitudes now towards retirement and work and accelerated by the coronavirus pandemic. The findings detail people’s changing financial and emotional wellbeing as they now face professional uncertainty in the post-pandemic world.
As life expectancy keeps increasing and more people than ever before are now living to 100 and over, retirement can make up close to a third of a person’s life. Recent changes to government policy, like the planned increase for the UK state pension age to 67 as of 2028, is leading many people of all ages to re-evaluate the plans they have both for work and retirement.
Almost 59% of people aged 18 to 34 stated that they plan to enter semi-retirement before they reach 65, increasing to 61% of those aged 35 to 44. The report suggests that extended working lives are now encouraging young people to consider a more flexible approach to employment in later life to retain their career.
