What will your retirement be like?

Today, retirement means different things to different people. Many choose to work on in their existing job, but may reduce their hours. Others take a new direction in their lives, perhaps a change of career, the chance to pursue a hobby, or the opportunity to volunteer for a good cause. Others relish the opportunity of a well-earned rest.

According to a recent survey, 54% of respondents who were considering working into retirement, or who were already doing so, said they viewed it as a way of keeping active and mentally stimulated.

However, around 8% of those scheduled to retire in 2018 have had to put their plans on hold as they cannot afford to retire. Of these, nearly half blamed the rising cost of living for their decision.

Planning ahead

These findings highlight the importance of saving as much as possible as early as possible into your pension, so you can choose to work if you want to, but can retire if you prefer.

1Prudential, 2018

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