Ideal retirement age

Posted in: Products Last updated: 10 Nov 2010

The ideal age for retirement is considered to be 60, a survey revealed yesterday.

The study of 2,000 over 50s across Great Britain shows a resounding 41 per cent of those retired and those still employed believe working careers should ideally end at 60.

Which means that they find the current state retirement age acceptable for women, but five years too late for men.

A spokesman for Engage Mutual, which commissioned the research said:

“By far and away the majority of those surveyed found the age of 60 to be the magic number for retirement.

“But it’s a number many of us can only dream of in light of planned changes to raise the retirement age to 66 for both men and women born after 1954.”

Of those already retired, 93 per cent are enjoying their time off, on the whole, with 32 per cent claiming to feel younger than when they worked, in the majority of cases, between five and 10 years younger!

Retirees also enjoy an energy boost.  Six in 10 of them say they have loads more energy, and 65 per cent reckon their health has gone from strength to strength since leaving work.

Although spending so much time together might make non retired couples fear they will get on each others nerves, it seems not to be the case. Thirty one per cent of couples stated their relationship had benefited from the retirement effect.

Nearly four out of five of these say they argue less since giving up work, and 54 per cent reckon their sex life has improved.

Almost half of these couples believe their relationship is better because they aren’t bogged down with work-related stress, and 37 per cent say they make more time for each other.

Despite the obvious benefits, 23 per cent of retired respondents stated they had a bit of a wobble when they first left work, wishing they could have continued for a few more years.

And 29 per cent worried about being classed an old person because they had finished employment.

The Engage Mutual spokesman continues:

“For many of the current older generation, the period following working life is experienced as something of a golden age.  But due to the economics of an ageing population and increased life expectancy, retirement will come much later for most of us.

“It’s not all bad news.  We may be working longer, but all generations can look forward to a longer life.  Today’s 65 year old men can anticipate living to an average 82.6 years, and women, 85.2 years1.

“We can also look forward to more flexible ways of working and a more gradual, phased retirement will become the norm.”

The study reveals 75 per cent of over 50s who aren’t yet retired are looking forward to leaving work for good.

Eight in 10 people believe they have plenty of hobbies and interests to keep them entertained during their golden years.  And more than half are excited about retiring and already have plans on how they are going to spend their time – whether travelling, socialising with friends or taking up a new hobby.

However, for a quarter of those surveyed, giving up work is cause for concern – with 64 per cent of them admitting they are worried about funding their retirement.

The Engage Mutual spokesman concluded:

“Planning for later life is more critical than ever and taking small financial steps can make a big difference over time.

“Whether it’s pensions; elderly care fees; making a will; or suitable life cover, the more prepared we are, the more stress free our retirement is likely to be.”