Tag Archive - working

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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