Retirement news
Reluctant retirees fear isolation
20 June, 2007
More than a third of over 55s expect to carry on working past the age of 65, but the companionship and intellectual stimulation they receive from their job is just as important as the financial incentive
Social interaction is the key reason 40 per cent of over 55s will stay in work, whilst another 30 per cent are doing so to pay off their debts including their mortgage and twenty three per cent do so to support their family. However twenty two per cent do so simply because the fear the boredom that goes along with retirement, and lack of things to fill their days with.
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Londonders are the most assured that they will be working past the age of 65 after 45 per cent indicated they were prepared to do so, largely due to rising debts and a need to pay them off before relying on their pension for income. The number remaining in work for the purposes of social interaction stays the same amongst Londoners at 40 per cent, but the number who don’t know what else to do with their time rises to 28 per cent.
To tackle this boredom issue, a quarter of over 55s are planning to undertake volunteer or charity work in order to make the most of their free time.
Director of savings operations for Birmingham Midshires, Jason Robinson, said: “For many people work is an important social lifeline and consequently we are seeing a significant number of older people planning to work beyond state pension age – either in a paid capacity of in the voluntary sector. As a generation of savers, the over 55s are more likely to have this luxury of choice.
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Birmingham Midshires’ research has identified four distinct worker groups within the over 55s;
Silver socialites enjoy the social aspect of the workplace with work being all about contact, making and maintaining friendships and sharing gossip.
Senior splurgers are comfortable in their ability to afford the basics and work so that they can indulge in ‘life’s little luxuries’
Knowledge seekers have a fear of boredom and view work as a source of constant learning, allowing them to stimulate themselves through renewed education
Veteran volunteers are using their retirement as an opportunity to give their favourite charity a helping hand, whilst filling up their free time.
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