Tag Archive - retirement

A flexible retirement

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.

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The ultimate retirement bucket list

Seeing the Northern Lights, buying a dog and travelling around the country by train are just some of the things on the average retiree’s bucket list. A survey of 2,000 people from the UK has revealed a top 50 list of all the ambitions people have for the years after they leave work.

Doing the things they wanted to for ages

As well as hiking around the world to nine different locations, some adults wish to spend their later years tending to an allotment while others want to track down long-lost relatives. Some die-hard romantics dream of revisiting their original honeymoon destination or renewing their wedding vows. But others are fed up with their existing relationships, and plan to have an affair with a younger man or woman when they get the chance.

The majority of people see retirement as an opportunity to fulfil all the dreams they’ve held for years and years, but haven’t had time to carry out.

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When’s the perfect age to retire?

When is the best time to retire? It’s never an easy decision as there are so many factors to take into consideration – finances, health, family, etc. Even when you do decide, there can sometimes be a nagging doubt that you might have been better off doing it differently.

UK’s Engage Mutual Assurance did a survey last year of 1,500 people (average age of respondents was 59) to find out the answer. Most people (93 percent) agreed that retirement should happen after the age of 50. The answer that most people gave as the perfect retirement age was 60. Said Engage Mutual, “This fits with the current retirement age for women, but is younger than that for men – and significantly out of step with Government plans to raise the retirement age to 67 by 2028.”

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Sixty is the new 40 for retiring baby boomers in the UK

 

The UK is witnessing the march of a new type of retiree as the first post-war ‘baby boomers’ pass the old Default Retirement Age of 65. According to Aviva’s latest Real Retirement Report, more than one in three (39 percent) over-55s are continuing to receive a wage and nearly half are intent on using their extra earnings to travel more when they finish full-time work.

Data from the latest census in 2011 showed there were 754,800 people aged 64 in England and Wales, and almost 6.5 million people are turning 65 over the next decade compared with 5.2 million in the previous decade. The spike is due to the post-war birth rate soaring when the armed forces returned from the Second World War, with the newborn generation dubbed the ‘baby boomers’.

 

Working hard to increase their wealth

Allied with improved healthcare, more people are remaining active as they approach retirement age, and the latest Aviva report shows how they are pushing back the boundaries at work and in their leisure time. One in four (23 percent) 65- to 74-year-olds were still wage earners in December 2012, compared with 18 percent when the report first launched almost three years ago in February 2010.

With 55 percent of 55- to 64-year-olds doing the same, compared with 41 percent in February 2010, this trend looks set to continue as more baby boomers pass the age of 65. It has already fuelled the rise of income and savings among over-55s during the last three years. The typical over-55 now has an income of £1,444 (US$2,151.69) each month along with £14,544 (US$21,671.88) in savings (December 2012), compared with a monthly income of £1,239 (US$1,846.22) and savings of £11,590 (US$17,270.15) in February 2010.

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When the old spark has gone

Couples find it impossible to live with each other during retirement, according to a study done by Skipton Building Society in the UK. The study of 660 retired people still in relationships also showed many find their old spark has gone after giving up work.

Instead of celebrating their newfound freedom together, a massive 80 percent of respondents found they don’t share any of the same hobbies and interests, while one in five bickered about the lack of money.

Four in 10 of the older people polled also admitted they needed to learn how to live with each other again now that the children have left the nest and they are no longer committed to work.

The study also indicated one-third of retirees spend much of their time arguing about silly things with the other half, and a surprisingly 13 percent admitted they “irritate each other beyond belief”.

A further 29 percent were surprised to find they didn’t have the same expectations for their ‘golden years’.

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