What’s the optimum age at which to retire?
Retirement ages are on our minds at the moment, with the recent milestone achieved by the state pension, where the qualifying age reached 66 for the first time this month.
Men and women now need to wait until their 66th birthday before they can claim a state pension in retirement, following years of gradual increases.
While higher pension ages are rarely desirable, in reality, many retired people feel they gave up work too early.
New research from insurer SunLife found that 85% of retired people believe they stopped work too early.
For the retired over 70s, that proportion rises to 88%.
On average, people who are retired or semi-retired think they stopped work two and a half years too early.
Fewer than 10% of those surveyed said they retired too late, and only 5% felt they got the timing absolutely right.
The research also found that many in their 50s, 60s and 70s made big changes to their work lives, moving to part-time employment or making significant career changes.
It suggests that your 50s can offer a brand-new start for your career.
Simon Stanney, equity release director at SunLife, said:
“For many, the change in the state pension age comes as a big blow, but the reality is, when it comes to retiring, most of those who are currently retried wish they had waited a bit longer.
“Our research also shows that many people in their 50s, 60s and 70s are fitter and healthier than ever, so are not looking to slow down, but to keep working and try new things.”
The change to the state pension qualifying age affects people born between 6th October 1954 and 5th April 1960; in other words, the over 60s.
The research found that nearly a third of over 60s worry about having too little money in retirement, and a further 13% are unsure.
Working with a Financial Planner is an effective way to remove doubts around retirement, establishing a certain plan for the future.
With the financial aspect of retirement sorted out, you can focus on making important decisions, including when to stop work and how to fill your time in later life.