Opinium, in collaboration with Aegon, has polled over a thousand over-50s professional, earning £20k or more. They found that almost half of these workers would prefer to adapt the hours they work before retiring altogether. This gradual transition to retirement offers people a chance to adapt to life out of work, both emotionally and financially. Most wanted to reduce the number of days they work, and close to half wanted to cut down the hours each day.
Less than a third of people polled wanted to go from a usual work pattern to instant retirement. Few want to down tools and start retirement at once. When over 50, people would like to spend some time at work but more time enjoying past-times that they can then develop further in retirement.
The desire to reduce hours gradually does make sense. It is seen as having the best of both worlds. The professional continues to benefit socially and mentally from work while receiving an income and contribute to the economy. The individual also gains extra time to emotionally transition into retirement.
Understanding if you can transition to retirement is an issue of finances and a question for your employer. It is maybe time to speak to your manager and a financial advisor.
The content in this article was correct on 16th February 2019. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on the financial planning for teachers and non-teachers. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.