Many over-50s want to keep working between 65 and 70, study shows

Nick Elvin

Nearly two-thirds of over-50s no longer think that working full time and then stopping work altogether is the best way to retire, and around half of them would still like to be in work between 65 and 70, according to new research.

The independent YouGov survey of more than 2,000 retired and non-retired people aged over 50 reveals people are now looking towards a more flexible retirement and that traditional views of retirement are becoming a thing of the past.

The poll shows that 39% of over-50s not currently retired said that working part time or flexible hours before stopping work altogether would be the best way to retire. Meanwhile, about one in four said they would be interested in taking a few months off and then returning to work as an alternative to retirement.

Dr Ros Altmann, the Government’s business champion for older workers, said of the findings: “Millions of over-50s have changed their retirement plans in recent years, and now expect to retire later – clearly later life working is very much more important to people than before.

“It is clear that many older people no longer see retirement as turning their back on work. They want to work longer, but shift the pace while still making the most of their skills.

“What’s great is that more employers are now getting the message that older workers can have a valuable role in business, particularly as they increasingly represent their future customers and workforce.”

The poll also found that 36% of retirees say their advice to others would be to ‘consider switching to flexible or part time work for a period first’ before stopping work altogether. And 33% of those working aged over 70 said they did so because they enjoyed it.

While the research shows changing attitudes to working later in life, it also shows the challenges that older workers can face. 23% of workers over 50 feel they are viewed ‘less favourably than younger workers’, while 51% said they thought their employer views older workers ‘as favourably as younger workers’. 15% of those not currently retired report experiencing age-based discrimination in the workplace.

Among those who have been unemployed at some point since turning 50 but are currently working, 41% agreed that their age affected their confidence in applying for jobs, while 53% agreed they felt employers were not interested in hiring them because of their age, and 23% agreed that applying for jobs was difficult because their skills were out of date.

The poll also showed that some non-retired over-50s both in and out of work were ready to build new skills. Nearly half of non-retired over-50s (47%) stated they were interested in attending a training course to learn new skills or update existing ones.