Changing work patterns

Over-50s retrain for later life retirement funding

Nearly two thirds of over-50s workers would consider retraining so they could work longer in retirement, research from MetLife[1] shows.

63% of over-50s are looking at potentially lengthening their working lives, with 50% considering learning new skills to continue in full- or part-time employment, while 13% would look to retrain so they could launch their own business.

Later-life working patterns
Traditional working patterns in later life are changing dramatically. The research among all adults shows around 71% of all workers say they would consider working after retirement, with just one in three (31%) expecting to retire completely from full-time work.

Not ready for retirement
The decision to work past traditional retirement ages is not entirely financially-driven, with 23% of over-50s saying they enjoy working and don’t feel ready to retire, while a further 30% would miss the social interaction that work provides, and 29% say they feel that work gives them a sense of purpose. However, the study found 55% of working over-50s admit they are not financially well prepared for retirement.

Changing working patterns
The change in working patterns was highlighted in an independent report from Dr Ros Altmann CBE, ‘Flexibility in Retirement – Planning for change’. The report by Dr Altmann, now the Government’s Business Champion for Older Workers, highlighted the tremendous opportunity of how the change in working patterns can dovetail with pensions planning, flexible approaches, new products and more creative methods of funding retirement.

Source data:
[1] Research conducted online between 11-12 March 2014 among a nationally representative sample of 2,531employed adults aged 18+ by independent market research firm Consumer Intelligence