Tag Archives: retirement age

Older workers don’t want to retire

relaxed manthey want to work part-time.

Half of workers approaching retirement intend to carry on working into their mid-sixties according to the government’s  older workers’ champion Ros  Altmann (didn’t know we had one but could she have had a more appropriate surname?)

Almost all the over-50s who planned to keep on working wanted to ease themselves into part-time jobs rather than suddenly stop working altogether,

Ms Altmann said employers’ attitudes “would have to change, with training for older workers imperative so that they could keep up with technological and other workplace changes”

Most of those approaching retirement didn’t realise that they wouldn’t have to pay National Insurance contributions if they carried on working after pension age.

People are being more flexible about when they retire – or can afford to retire – and later-life working is becoming more important.

Originally the Old Age Pension was paid at age 70 when it was introduced in 1908. Pensionable age dropped to 65 in 1925 and it wasn’t until 1940 that a woman could get her pension when she reached 60. Now pension age is creeping up again and people will collect their pensions at 66 until 2020 when the age threshold rises to 67.

Although the default retirement age no longer exists many workers feel that they were expected to go at 65. Many over-50s feel less well thought of than younger workers and 15% had experienced age-related discrimination in the workplace.

In Germany some companies have gone to great lengths to accommodate the needs of older workers e.g. at BMW

 

 

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The impossible dream – Retirement

relaxing_cash_1600_wht_7397One in five working people believe they will never be able to afford to retire.

And four out of ten of those who believe they will retire from full-time work believe they will have to work part-time.

These figures come from a poll from the Association of  British Insurers which asked a representative sample of over 2,500 questions about work and welfare.

As there is no longer a statutory retirement age you can theoretically work until you drop.

As the UK has the lowest pension in the EU, half of that in the  Netherlands which is the second worst, and with interest rates on savings being held low, it’s no wonder people of pension age find it hard to make ends meet.