The concept of retirement is changing rapidly. “As people live longer and in good health, retirement is becoming a more active life stage, with more people looking for the opportunity to combine work and leisure. Many workers have retired the notion of fully retiring at age 60 or 65,” said Catherine Collinson, executive director of the Aegon Center for Longevity and Retirement (ACLR) and president of the Transamerica Center for Retirement Studies (TCRS).
ACLR in collaboration with TCRS recently released a new report titled “The New Flexible Retirement” (left), which illustrates that today’s workers are expecting to transition into retirement, however, they face a significant obstacle – few employers have employment practices to support them. The report is based on research from the Aegon Retirement Readiness Survey 2015, which comprises 16,000 workers and retirees and presents global trends and profiles of 15 countries including Asia.
Globally, the survey found that 51 percent of all workers now expect to retire at age 65 or later, or not at all. The mindset of working beyond traditional retirement age varies around the world; in Japan, 43 percent of survey respondents aspire to continue working past retirement compared to only 15 percent in France.