Is retirement an option?

Retirement infographic

Today’s guest blog looks at attitudes to retirement across the labour market in the UK and how people view their prospects at retirement age:

Recent research by Survey Compare has shown retirement uncertainty among people of all ages, not just the young. The SurveyCompare infographic below shows there is just as little confidence among those close to retirement as those in their twenties or thirties.

The retirement age is going up. It’s not easy for people approaching their sixties who cannot afford to stop work.Their pension is not guaranteed to support them and they will not necessarily be in robust enough health to take on active work. And even if they are healthy enough, the jobs market isn’t in very good shape.

There is a common need to supplement their income in small, convenient ways. For these older people working from home may be the solution. Thanks to the internet becoming more user-friendly even senior citizens who haven’t used the internet before can take on freelance writing jobs or market research in the form of paid surveys. These roles are becoming more common. They mean having no boss, and allow you to work whenever is convenient. The pay is not fantastic but it can be enough to help with the weekly groceries. More entrepreneurial types might consider cottage industries such as jam-making and crafts.

The SurveyCompare research questioned 2000 people from across the UK about retirement. Largely, people continue with the habits of a lifetime. Those who earn a lot of money wish to continue working. Those who don’t earn so much, don’t. Many don’t know what their plans are, or else feel little confidence in being able to put their feet up and enjoy retirement with a juicy pension.