As a recruitment agency we ask: Is working past state pension age a choice or necessity?
Posted on Thursday, June 22, 2017 by Venn Group — No comments
As a Recruitment Consultant, I regularly meet with and speak to a number of candidates every day on how we can assist them with their job search.
Increasingly, I find myself speaking with people who are looking for work past their state retirement age and made me wonder why one would want to work longer than they have to…..?
Some people are seeking employment after retirement as they don’t yet feel ready to stop working and are seeking full-time or part-time work to occupy themselves.
More often than not though, the case is that people need that job to get by.
This comes as no surprise really as there are regular reports each year on the numbers of people working past retirement age soaring. Age UK found in 2016 that 1 in 7 pensioners (1.6 million or 14% of pensioners in the UK) live in poverty, which is defined as having incomes of less than 60% of median income after housing costs.
The Independent recently reported on a study conducted by pensions provider Aegon which found that more than a third of retirees are seriously concerned they will run out of money.
As someone who has only recently finished studying and entering full-time employment, the retirement issue should feel like a lifetime away for me. However, like many people, I dream of the day that I have no obligations to go to work and can sleep in every morning.
But this is an issue that is affecting millennials at the very beginning of their careers as Consultancy recently revealed the shocking statistic that we would need to save £1m to have a comfortable retirement.
Steven Cameron, Pensions Director for Aegon, said: “Those of working age today are waking up to the likelihood they’ll not retire at as early an age as their parents, and are no longer picturing state pension age as the defining ‘retirement moment’ at which they automatically leave the workforce.”
“For some, the decision to work on past ‘traditional’ retirement age will be a lifestyle choice, but for others an inadequate pension pot may make it a necessity.”
The subject of working beyond state pension age seems to leave us with more questions than answers and the debate is set to continue for years to come. With the government’s pot for state pensions shrinking and the cost of living on the rise, the question is: Who is going to pay to fill that void and at what age will I finally get my endless lie-ins?