Financial security 'explains delayed retirement'

Wednesday, May 19th 2010

The majority of adults in the UK plan to work beyond their current standard retirement age, a study has discovered.

Some 68 per cent of respondents in Aviva's Real Retirement Report said they intended doing so, it was revealed today (May 19th).

And one-in-ten adults thought they would never stop working, while one-third wanted to retire between the ages of 61-65.

Clive Bolton, at-retirement director for Aviva Life, said: "While increasing financial security is a major factor behind many people working, there are also significant emotional, social and intellectual benefits."

Gradually stopping work - known as part-tirement - is also a popular option for those who do not want to cease employment in one abrupt move.

Mr Bolton advised people to ensure they make sensible financial plans to maintain a secure income after reaching the traditional retirement age.

Another way to boost funds at this time could be to consider equity release, which Andrea Rozario, director general at Safe Home Income Plans, recently argued makes sense to look at.