Workers’ health and financial ability impacts fulfilment in retirement

Workers’ health and financial ability impacts fulfilment in retirement

According to the sixth annual Aegon Retirement Readiness Survey “Many workers now envision fully retiring at an older age. Retirement has become a transition that offers the promise of continued work, albeit at a more relaxed pace, with more time to enjoy life. However, success in achieving this largely depends on workers’ health and financial ability.
Fifty-seven percent of workers envision continuing some form of work in retirement. This includes working part-time before stopping altogether (31 percent), changing the way they work but continuing to work throughout retirement (16 percent), and those who say it won’t make a difference to the way they work (10 percent)
Workers who envision working to some extent in retirement are doing so for financial and healthy aging-related reasons. Globally, 56 percent want to keep active/ keep their brain alert and 38 percent enjoy their work. A net 73 percent cite income and savings-related concerns.
Workers in poor health are more likely to plan to work to age 70 or older, or never retire (23 percent), compared to those in excellent health (17 percent).
The sobering reality for all workers is that 39 percent of the fully retired say they retired sooner than planned. The most frequently cited reasons for doing so are ill-health or employment/job loss (29 percent and 25 percent respectively).”  Read the full report 

 

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