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Change to people’s views on retirement age

17 July 2018

A quarter of people expect to still work at age 70, a new survey by Aegon has revealed. 

In a survey of 700 consumers aged 18 to 64, 26.9% said they expect to be working either full or part time at age 70, suggesting a clear move away from the traditional practice of women retiring at 60 and men at 65.

Nearly half (45.8%) believe they will still be fit and healthy enough to work at 70 if they choose to, while 73.5% are confident they will be financially stable at that age. The bank of mum and dad looks to set to continue, with nearly one fifth of people (19.5%) expecting to be financially supporting family when they are 70.

Steven Cameron, pensions director, Aegon, said: “It’s clear that people no longer expect to retire at as early an age as their parents, and the state pension age is not the defining ‘retirement moment’ at which they stop work. For some, working beyond the past ‘traditional’ retirement age will be a lifestyle choice, but for others who put off planning ahead, it could be a financial necessity to cover living costs.”

However, Cameron warned that being prepared for later life isn’t simply about money saved, and people should consider other factors.

“You can’t predict what life will have in store at age 70, but considering your future in terms of work, health and caring responsibilities will help build a realistic picture of what you should prepare for financially,” he said.

“However, it’s risky to plan on working indefinitely with no fall back plan. It’s difficult to predict your future health, particularly into your 70s meaning it’s always best to start making some financial provision for life after work as early as possible.”

 

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