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3 leading reasons over 50s retire early – other than money

7 March 2019

There are three leading reasons which over 50s believe will affect their decision to retire, according to research by Aegon.

They are, poor health, caring responsibilities and ageism.

Failing health was cited by seven million workers as the single biggest issue that will influence their decision on when to call time on their working life. Five million workers identified caring responsibilities for a parent or partner, while 35% of respondents admitted to feeling that ageism will ultimately affect their decision to retire.

The research confirmed also that the notion of stopping work abruptly at retirement age is slowly fading, with half of over-50s preferring to take a phased approach to retirement.

There are currently around five million workers over 50 who favour a winding down approach. They say their ideal retirement process would start at the age of 63 with a three year phase involving reduced hours, before stopping work altogether at the age of 66 and six months.

But Aegon said it was important for over 50s to consider whether they will be able to retire on their own terms, following research which showed as many as one in two retirees didn’t leave the workplace in the way they would have chosen, retiring sooner than planned.

Steven Cameron, pensions director, Aegon, said: “We have a record number of over 50s in the workforce, with this age group making up almost a third of all workers. Older workers make an extremely valuable contribution to the economy and the trend to working later in life should be encouraged given how life expectancies have risen in recent decades.

“However, we should remember that the path to retirement isn’t always a smooth one and while people may want to work for longer and spend three years phasing into retirement, unexpected factors can come into play and ultimately take the choice out of their hands.”

Professional Paraplanner