Many of those who plan to retire today have already surpassed pensionable age and opted to pass over retirement for a number of years. A study, released by the Prudential, found that many simply cannot afford to give up the office.
The study found that 51 percent of those who are currently planning to retire this year have already reached state pension age or would consider working past that point.
Lack of funds
A quarter of those quizzed by the Pru claimed they were due to retire this year but have been forced to push back their leaving date due to a lack of funds.
Rather than giving up work entirely, many would-be retirees are gradually drawing back their commitments, instead of opting to end their working life in one fell swoop.
However, money was not the only factor driving the decision, more than half said it was staying active in mind, body and spirit that was the most considerable factor, while some simply said they were not ready to retire.
Robert joined the HRreview editorial team in October 2015. After graduating from the University of Salford in 2009 with a BA in Politics, Robert has spent several years working in print and online journalism in Manchester and London. In the past he has been part of editorial teams at Flux Magazine, Mondo*Arc Magazine and The Marine Professional.