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Aspiring expats may decide to keep working after retirement
| Published: | 30 Jul at 6 PM |
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Tagged: France, Spain, Immigration, UK, Citizenship, Money, Jobs, Euro, Study Abroad, Pension Transfer, England
New research suggests Brit workers are planning to phase in their actual retirement.
British citizens coming up to retirement age are Europe’s most likely to take on part-time jobs once they’ve officially retired. Literally three out of every four Britons surveyed are planning to keep working beyond retirement, either keeping on the same job or finding part-time employment. The study, undertaken by a popular pension provider, also noted the UK’s flexible access pensions as well as relaxations of employment rules are contributing to older workers’ decisions to stay in their jobs if possible.
Given that men are more likely than are women to keep working after their 65th birthday, the trend towards economic activity such as finding a part–time job rather than just giving up could be seen as an indication of worries about making ends meet on just a pension. The study also mentioned the positive effects as regards mental and physical health as reasons given for continuing to work, although 33 per cent admitted a need to top up their pensions and 30 per cent were afraid of running out of money.
Older workers in Spain and France were 50 per cent likely to consider the option of working past retirement, but in the remainder of EU countries most respondents were planning a sudden end to their working lives. In a related study for the same company, 26 per cent of those surveyed said they believed they’d still be working at age 70 or more, with a further 45 per cent saying they’ll still be fit and healthy enough to actually be able to work at 70 years of age.
It’s not certain how decisions to keep working post-retirement will affect the number of retirees heading overseas to join established expat communities, especially as the fate of such communities in favourite European destinations is now at risk due to Brexit. The majority of non-European retirement destinations have strict immigration policies as regards finance, especially when applied to older expat arrivals, making the decision to keep working and saving essential for many would-be emigrants.
British citizens coming up to retirement age are Europe’s most likely to take on part-time jobs once they’ve officially retired. Literally three out of every four Britons surveyed are planning to keep working beyond retirement, either keeping on the same job or finding part-time employment. The study, undertaken by a popular pension provider, also noted the UK’s flexible access pensions as well as relaxations of employment rules are contributing to older workers’ decisions to stay in their jobs if possible.
Given that men are more likely than are women to keep working after their 65th birthday, the trend towards economic activity such as finding a part–time job rather than just giving up could be seen as an indication of worries about making ends meet on just a pension. The study also mentioned the positive effects as regards mental and physical health as reasons given for continuing to work, although 33 per cent admitted a need to top up their pensions and 30 per cent were afraid of running out of money.
Older workers in Spain and France were 50 per cent likely to consider the option of working past retirement, but in the remainder of EU countries most respondents were planning a sudden end to their working lives. In a related study for the same company, 26 per cent of those surveyed said they believed they’d still be working at age 70 or more, with a further 45 per cent saying they’ll still be fit and healthy enough to actually be able to work at 70 years of age.
It’s not certain how decisions to keep working post-retirement will affect the number of retirees heading overseas to join established expat communities, especially as the fate of such communities in favourite European destinations is now at risk due to Brexit. The majority of non-European retirement destinations have strict immigration policies as regards finance, especially when applied to older expat arrivals, making the decision to keep working and saving essential for many would-be emigrants.
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