Gradual 'pre-tirement' is 'here to stay'

Retirement is changing. A combination of financial considerations and the opportunity to work beyond the default retirement age, means that many people are choosing to ease into retirement in a 'phased or gradual process'.


Enter 'pre-tirement' - a term that is 'likely to become more widespread and understood in the years ahead', according to a report from Zopa, as 'planning for, and moving towards, retirement [increasingly becomes] a staggered process'.

The survey of more than 2,000 people aged between 50 and 80 found a 'noticeable shift' in attitudes and behaviour, with older age groups often choosing to stay in employment longer, on part-time or on reduced hours.

Almost nine out of ten 50 to 54 year olds didn't know what age they would retire, but one in five didn't want to stop working at 65.

The principal reasons for those aged 65 or over to continue working was found to be a desire to keep the mind active (27 per cent), to keep busy (16 per cent), and to stay healthy and physically active (11 per cent).

But 17 per cent said they worked because of financial necessity.

'Pre-tirement is here to stay and it's not just about finance,' the report said. 'It is an opportunity for many people to stay healthy, give something back, spend more time with their families and continue working.'

'Pre-tirement is set to become the norm as it provides both flexibility in the work/life balance and in financial planning.'

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