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Department for Work and Pensions
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Reinventing the retirement cliff edge
Less than half of Britons chose the word "happy" to describe how they felt on the first day of retirement, evidence the traditional sudden stop approach no longer works for many people.
New research by Ipsos MORI shows a mixed bag of emotions for those waking up on day one of retirement with under a third saying they felt relaxed and under a quarter feeling free. A surprising one in ten felt anxious, sad or lost.
Pensions Minister Mike O'Brien comments:
"The idea that one day you work and the next you stop can be a shock to the system. These findings challenge the traditional 'one size fits all' approach to retirement. Many of today's older workers are rejecting the cliff edge between work and retirement in favour of a gradual step down. And employers should help them to do this."
Over 1000 people over 55 were interviewed to find out their views on retirement and work. People approaching retirement admitted there's lots they'll miss about their jobs when they stop. Topping their miss list are work friends, being challenged, office banter and a reason to get out of the house.
Soon to be retirees are equally candid about what they'll be happy to turn their backs on. While their distaste for the work canteen, office politics and commuting is unlikely to raise eyebrows, it may come as a surprise that three quarters of Brits are looking forward to binning the Christmas party. Oddly, one in ten people confesses they'll miss the journey to and from work.
When asked why they still work, extra cash was a top motivator followed closely by over half doing it because they enjoy their jobs. A third cited keeping the mind active or keeping fit and over a quarter said they'd miss work if they stopped. Interestingly, the number of people who felt too young to stop increased with age from just under a third of 55-64 year olds to nearly half of those 65-74 year olds surveyed.
The stepping down approach is reaping dividends with part-time workers enjoying greater job satisfaction than their full-time counterparts - nearly half said they would miss work if they stopped compared to just over a quarter of full-timers. Over one million Brits are already working past state pension age and most of these have chosen to work part-time. With people living longer, healthier lives this trend looks set to continue.
This month marks the start of a two year countdown to state pension age changes for women, which sees the state pension age for women start to gradually rise from 60 to 65 from 6th April 2010.
Mike O'Brien adds:
"Women's state pension age is moving but you don't have to retire at this date. You have time to plan and you may be surprised by the choices you have. You could use your state pension to allow you to work part time or choose to put off taking it and get extra pension later or a lump sum. To get the facts, put your birthday into the Pension Service website and it'll tell you when you can get your state pension."
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Website http://www.dwp.gov.uk
Notes To Editors
1. Research was conducted via Capibus, Ipsos MORI's in-home face-to-face omnibus, from 7th - 20th March 2008. A nationally representative sample of adults aged 15+ in GB were interviewed in around 170 different sample points throughout GB, with data subsequently weighted to the known profile of this population.
2. Ipsos MORI is the sum total of two successful research companies, Ipsos UK and MORI, which joined together in October 2005 to create the second largest research company in the UK.
3. From 6 April 2010 the state pension age for women starts to increase to 65 to make it equal with that of men. From 2024 the state pension age for both men and women will start to increase. By 2046, it will be 68. This increase will be gradual, with rises of one year happening over two years every decade.
4. To find out your state pension age use our pension age calculator http://thepensionservice.gov.uk/resourcecentre/statepensioncalc.asp
5. Around 1.2 million people past state pension age are in work and just over 800,000 of them have chosen to work part-time (Source: Labour Force Survey 2007).
6. More results from the survey:
Table 1: Feeling waking up on first day of retirement
Happy 48% Relaxed 31% Free 22%
Sad 11% Anxious 8% Lost 8%
Table 2: Older workers miss list
Work friends 67%
Being challenged 53%
Office humour & gossip 42%
A reason to get out of the house most days 40%
The Christmas party 17%
Stress and pressure 17%
Dressing smartly 15%
The journey to and from work 13%
Office politics 13%
The canteen 9%
Table 3: Reasons why people over the age of 55 continue to work
The money 63%
I enjoy my job 57%
My job helps keeps my mind active 38%
I don't feel old enough to stop working 32%
I would miss working if I stopped 31%
My job keeps me fit and healthy 23%
I worry I would be bored if I stopped working 18%
