Not working 9 to 5

Posted on Mar 19, 2019

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Not so long ago, once people reached State Pension age, it was time to retire. Then there was a perception that retirement meant slowing down and taking it easy. Now, however, the majority of people in their 60s are healthy and, in general, enjoying their life. Most are well enough to still be working and, according to research, working can be beneficial to our health.

In the discussion paper ‘Work Longer, Live Healthier’, Gabriel Sahlgren, director of research at the Centre for the Study of Market Reform of Education in London, made the case that jobs and health feed off and reinforce each other. Healthier, older people can work longer and working longer maintains their health. 

“Continuing some form of paid work in old age is one way to ensure a healthier population,” Sahlgren wrote.

It isn’t only that people are healthy enough to work, but in many cases working is a great way to promote conversation and connection. For many people, work defines them. Meet somebody at any gathering and one of the first questions we are often asked is ‘and what do you do?’

Many people are also wary of the consequences of a sudden retirement. Aegon asked workers aged 50+ (and earning more than £20k) about stopping work and 2.7 million said they had concerns about giving up work completely; 11% were anxious at the thought of stopping work completely; and 19% thought the novelty of complete retirement is short lived. 

Some of the people questioned were considering extending their working life and entering retirement gradually; with three million saying staying mentally active was the top reason for doing this. Work helps us to maintain our mental sharpness, gives us a sense of purpose and provides social engagement. 

Of course, remaining in work because one needs the additional funds it brings, is another reason not to retire. Figures from Aegon suggest that 42% of people need additional money to supplement a pension. 

While still enjoying work in your 60s and 70s is all well and good – looking ahead aged in your 40s and 50s and assuming you’ll be able to do that probably isn’t sensible. It would be risky to have no fall-back plan… and it’s hard to predict how fit and healthy you will be when the time comes. Even if you remain in good health, others around you – such as your partner – might need your support.

That said, there is nothing wrong with making a retirement plan which does include some work – as it could well be something you enjoy and your experience may well be useful to the business or businesses you are supporting. But, it’s sensible not to make that your only option.

At The Goodman Partnership, financial advisers in Tunbridge Wells, we can help you to understand if your lifestyle needs can be met in retirement – taking into account your particular circumstances and goals and then specifically discussing how you might actually draw from your various pension schemes. 

We can help you to understand your retirement options and how to best put to use existing pension and investment arrangements to facilitate gradual retirement, if that’s something you are attracted to. We can also help you to minimise taxation and maximise the value of capital on death left to your dependents. 

Give us a call on 01892 500600 or click here.


Goodman Chartered Financial Planners is a trading name of Fairstone Financial Management Ltd. Fairstone Financial Management Ltd., is authorised and regulated by the Financial Conduct Authority – FRN: 475973 Registered in England and Wales no: 05574120. Part of the Fairstone Group. Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: