The ideal age for retirement is considered to be 60, a survey revealed yesterday (10 November ’10).
The study of 2,000 over 50s across Great Britain shows a resounding 41 per cent of those retired and those still employed believe working careers should ideally end at 60.
Which means that they find the current state retirement age acceptable for women, but five years too late for men.
A spokesman for Engage Mutual, which commissioned the research said:
“By far and away the majority of those surveyed found the age of 60 to be the magic number for retirement.
“But it’s a number many of us can only dream of in light of planned changes to raise the retirement age to 66 for both men and women born after 1954.”
Of those already retired, 93 per cent are enjoying their time off, on the whole, with 32 per cent claiming to feel younger than when they worked, in the majority of cases, between five and 10 years younger!
Retirees also enjoy an energy boost. Six in 10 of them say they have loads more energy, and 65 per cent reckon their health has gone from strength to strength since leaving work.
Although spending so much time together might make non retired couples fear they will get on each others nerves, it seems not to be the case. Thirty one per cent of couples stated their relationship had benefited from the retirement effect.
Nearly four out of five of these say they argue less since giving up work, and 54 per cent reckon their sex life has improved.
Almost half of these couples believe their relationship is better because they aren’t bogged down with work-related stress, and 37 per cent say they make more time for each other.
Despite the obvious benefits, 23 per cent of retired respondents stated they had a bit of a wobble when they first left work, wishing they could have continued for a few more years.
And 29 per cent worried about being classed an old person because they had finished employment.
The Engage Mutual spokesman continues:
“For many of the current older generation, the period following working life is experienced as something of a golden age. But due to the economics of an ageing population and increased life expectancy, retirement will come much later for most of us.
“It’s not all bad news. We may be working longer, but all generations can look forward to a longer life. Today’s 65 year old men can anticipate living to an average 82.6 years, and women, 85.2 years1.
“We can also look forward to more flexible ways of working and a more gradual, phased retirement will become the norm.”
The study reveals 75 per cent of over 50s who aren’t yet retired are looking forward to leaving work for good.
Eight in 10 people believe they have plenty of hobbies and interests to keep them entertained during their golden years. And more than half are excited about retiring and already have plans on how they are going to spend their time – whether travelling, socialising with friends or taking up a new hobby.
However, for a quarter of those surveyed, giving up work is cause for concern – with 64 per cent of them admitting they are worried about funding their retirement.
The Engage Mutual spokesman concluded:
“Planning for later life is more critical than ever and taking small financial steps can make a big difference over time.
“Whether it’s pensions; elderly care fees; making a will; or suitable life cover, the more prepared we are, the more stress free our retirement is likely to be.”
- ends -
1. Office for National Statistics
"Life expectancy at age 65 – the number of further years someone reaching 65 in 2007–09 could expect to live – is also higher for women than for men. Based on 2007–09 mortality rates, a man aged 65 could expect to live another 17.6 years, and a woman aged 65 another 20.2 years."
For further information please contact:
Kathryn McLaughlin
Engage Mutual Assurance
Tel: 01423 855245
Mob: 07794 283788
NOTES TO EDITORS
-
Engage Mutual Assurance is a trading name of Homeowners Friendly Society Ltd (HFSL), Registered and incorporated under the Friendly Societies Act 1992, Registered number 964F and its wholly-owned subsidiaries, Engage Mutual Funds Limited (EMFL) and Engage Mutual Insurance Ltd (EMIL). Both HFSL and EMFL are authorised and regulated by the Financial Services Authority (FSA). HFSL’s Register number is 110072, EMFL’s Register number is 181487. EMIL is authorised to conduct general insurance business by the Financial Services Commission Gibraltar and is regulated by the Financial Services Authority for the conduct of UK business. EMIL’s FSA Register No is 485680. You can check this on the FSA’s Register by visiting the FSA website www.fsa.gov.uk or by contacting the FSA on 0845 606 1234.
-
Engage Mutualis one of the larger UK mutuals providing simple, value for money savings, protection and investment products. It currently helps over 444,000 customers of all ages to protect, preserve or enhance their welfare, with some of the most straightforward products on the market. Engage Mutual prides itself on being a family-oriented, modern mutual, providing products that help enable households of all kinds to plan their finances to help meet their future needs. More information on Engage Mutual is available at www.engagemutual.com
-
Engage Mutual supports mutuality through links with the Association of Financial Mutuals and Mutuo.
-
Engage Mutual Funds Limited (EMFL) is a provider of the Child Trust Fund direct and in partnership with organisations including Yorkshire Building Society.
-
Engage Mutual has been the title sponsor of the Rugby Super League since 2005 and has extended its agreement to 2010.
-
Engage Mutual announced its entry into the health cash plan market in July 2008 following an agreement of partnership with Wakefield & District Hospital’s Contributory Scheme (WDHCS). Further to this, 30,000 health cash plan customers transferred from Premier Health Benefits (part of WDHCS) to Engage Mutual Insurance Limited.
- Ends all -
