1 in 10 people put off retirement in 2012

As many as one in ten people who had intended to retire this year have delayed their exit from employment, a new study has revealed.

According to the latest results from Prudential's Class of 2012 research, just over ten per cent of people in sales jobs and other professions who had planned to retire during 2012 are making alternative arrangements and putting off drawing their pension.

Of those deferring their retirement, a third (32 per cent) claim they are doing so because they still have plenty to offer an employer and are not yet ready to give up work.

However, the survey did still find that the average age of people planning to retire this year is 60 years old - a similar age to that recorded in last year's survey.

Commenting on the report, Vince Smith-Hughes, Prudential's retirement income expert, noted that people are living longer, and for many, the prospect of a 30-year retirement is unpalatable.

"Hence the decision by many to continue to work. Retirement is also becoming a more opaque concept, with many people working part-time, either out of necessity or desire," he added.

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Posted by John Oak

Filed: 16-02-2012