Prudential Say This Is the Sixth Year Half of People Reaching Retirement Age Planned to Carry on Working

Half of people due to reach state pension age this year are planning to stay in employment rather than retiring, with many expecting to scale back on work.

More than a quarter (26%) of those planning to delay their retirement wanted to reduce their hours or take a part-time job with their current employer, while only 14% wanted to continue working full time in their current position, according to a survey by Prudential.

Ageing workforce

Prudential pension provider said this was the sixth consecutive year where half of people reaching retirement age planned to carry on working if it meant they could guarantee a higher retirement income.

Of the 1,000 people who had been due to retire in 2018, 8% had postponed their plans because they could not afford to retire. Nearly half of those who could not afford to give up their job said their retirement income would not be sufficient to meet day-to-day living costs.

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