When will you retire?The average age is 59, but many work longer

When will you retire? The average age of those who quit their jobs is 59, but older workers believe they will postpone until 64.

  • More than half of retired people over the age of 50 say they prioritize gardening
  • 7 out of 10 retirees succeeded in maintaining an old standard of living
  • Approximately 26% of those over 50 who are still employed were temporarily dismissed during the pandemic

Three in four retirees think they quit their jobs at the right age, but others regret having quit their jobs soon, new studies show.

The retirement wish list for people in their 50s and above also revealed that they were on vacation, gardening, spending time with friends and family, enjoying hobbies, and playing sports.

According to a Sunlife survey, the average retirement age for those who have already quit their jobs was 59, but 18% thought they should continue longer. Only 6% felt they were retiring too late.

Popular Hobbies: Approximately 56% of retired people over the age of 50 say they prioritize gardening in old age

Among people over the age of 50 who have not yet retired, the expected average age of suspension is 64, indicating that a later shift to retirement may be underway.

Isolate recent research 33 percent of people over the age of 55 have shown changes to their retirement plans As a result of the pandemic, and the workers are delaying leaving work for an average of two and a half years.

>>> Did you save enough?Find out how to get your pension on track here

A Sun Life survey of retirement finances also found that:

-The average monthly salary for retirees over the age of 50 was £ 2,114, while the average monthly salary for non-retired people was £ 2,375.

-But the average disposable income of retired people is higher (£ 617 vs. £ 525). Probably because the budget has improved or the debt has been repaid.

-10 out of 7 retirees have succeeded in maintaining their old standard of living, and many are using their savings and investments.

-Approximately 26% of those still employed were fired during the pandemic and 16% received time or wage savings

-Quarter says they have no idea how to fund their retirement

-The biggest financial concern for those who have already retired was rising living costs, but for those who have not retired they were short of money.

-Concerns about running out of money will drop dramatically from 27% in advance to 9% after retirement.

-56% of those surveyed live in homes without mortgages, with an average real estate price of £ 276,000.

SunLife surveyed 1,000 people, 29% retired, 23% working full-time, 11% part-time or half-retired, 8% unemployed and 3% self-employed. They were weighted to represent nationally.

Marketing Director Ian Atkinson said:

“According to our findings, the average retirement age is 59, but the preferred age for those who are still working is 64, which means that many people over the age of 50 want to continue working longer. It suggests that you are.

“It’s interesting to see that many retirees tend to have slightly more disposable cash than those who are still working, but the majority still start saving for retirement early. I hope that. “

How about a state-owned pension?

The age of national pensions for men and women is currently 66 years. Between 2026 and 2028, this will rise to 67 again.

The basic state pension is currently £ 137.60. It is supplemented by additional state pension entitlements (S2P and Serps) generated during years of service.

The two-tier state system was replaced in 2016 with a new “fixed” state pension. This is currently worth £ 179.60 a week.

Those who have contracted with S2P from Serps for many years and retired after April 2016 Be less than A completely new state-owned pension.

However, if you can close the gap in unpaid or low-wage national insurance over the past few years and have enough time between the present and the state’s pension age, you can build on a more qualified year.

Workers had to have a 30-year eligible national insurance contribution to get an old state pension, but had a 35-year contribution to get a new flat-rate state pension. Must be.

However, even if you pay the full amount for 35 years, even if you sign up for several years, you may get less.

Everyone gets the option Postpone state pension To get more in their later years.You can check your NI record here.

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When will you retire?The average age is 59, but many work longer

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