Money worries, but feeling young: over 50s consider retirement
Sixty is the perfect age to retire, according to a study of 1,500 adults aged 50 and over, which considers the financial, emotional and recreational needs which determine the ideal age of retirement.
Researchers found that the majority of British adults would be happy to give up work by their sixtieth birthday - to spend time with the grandchildren, enjoy their good health, travel abroad and spend their hard-earned savings.
But one in five of those aged 50 and over think that after 65 is the best time to retire.
A spokeswoman for Engage Mutual, which conducted the study said: "We're seeing a varied and fascinating picture around people's attitudes to work and retirement, against a backdrop of significant changes to the state pension change.
"With the default retirement age now abolished, people can work beyond the age of 65, and some do want to. But state pension changes may take the choice out of older age working for many."
Not surprisingly, money is the biggest worry around retirement. Sixty per cent worry about being able to afford to live, while 54 per cent worry how they will pay unexpected bills and costs.
But regardless of their preferred retirement age, the vast majority of those aged 50 and above are optimistic that time is on their side. More than 90 per cent think being in your fifties and sixties is still young.
Most of those who would prefer to retire by the age of 60 say they want a few years of being active and enjoying themselves before any ill health issues come along.
Two thirds of them want to spend quality time with grandchildren, while almost eight in 10 have lots of ambitious plans to do things with their partner.
Eighty seven per cent of them intend to travel during their retirement years, and 80 per cent hope to have enough money in place to spend on such holidays and other leisure activities.
The vast majority of those choosing after 65 as a ‘perfect retirement age' feel very positive about being at work. Eighty per cent say they still have a lot to offer the workplace, and 71 per cent enjoy the companionship that work provides.
A surprising 13 per cent of 66-70 year olds are still working, and 41 per cent of them are not looking forward to retiring!
Earlier this year the number of people aged 65 and over in employment reached one million for the first time.
One in 10 of those aged 50 and above are concerned their children may become more dependent on them for childcare in retirement. One fifth are anxious their partner might drive them mad, while 19 per cent are worried they might be lonely.
The spokeswoman for Engage Mutual continues: "Understanding our own financial and emotional priorities is key to getting the retirement that is right for us.
"For some it can be a bit of a shock to go from a full working life to a life of leisure. Which might explain why the transition between working life and non-working life is becoming more blurred.
"Reduced or part time hours, voluntary work and public service roles are already providing an important retirement half way house for those who feel they still have a lot to give."
Find out if you're ready for retirement by completing the ‘are you ready to retire?' lighthearted quiz, engagemutual.com/perfectagetoretire.