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Thursday, 25 May 2017 23:13

Many retired people wish they would've worked for longer

It is something that we all worry about – the age we will be when we retire. In a lot of instances our parents and grandparents were lucky enough to retire well before the age of 70 – some even in their 50’s, but now it is anticipated that most people working today will be 70 before they can switch their alarm clocks off once and for all. And the future looks even bleaker for up and coming workers, with many predicting that some won’t ever be able to afford to retire at all.

You’d be forgiven for thinking that workers these days were hard done to and the people who have managed to retire were the lucky ones and had cracked life – think again.

According to recent research, many people who have already retired, wished they would have kept working – there were many reasons for this. The first obvious one was that people were feeling the pinch and could’ve done with the same amount of cash coming into the account for a little while longer. Others felt that working kept them more alert and gave them a better work-life balance.

The research also highlighted that such is the struggle for new retirees that they are having to subsidise their retirement pot with other means. This could mean them going out and doing a little part time job, or offering expert guidance in the tutoring field or, selling things using online sources such as ebay.

It’s a sad state of affairs really. People who have worked hard all their life are entering retirement and expecting to enjoy quality family time but instead have to start scraping the barrel and doing top up jobs just to survive. The cost of living ever increasing doesn’t help matters either.

A lot of newly retired people also said that they particularly find it difficult financially because they haven’t got time to make any extra money because they are babysitting their grandchildren. A lot of retired grandparents lift the burden of childcare for their children in order for the younger generation to go to work, but, because of this, are unable to get a steady stream of income coming in.

It comes as the state pension age is already looking at being around 75 for the youngest generation, which is a good 15 years extra to what was expected of our grandparents’ generation. 

Of course, as life expectancy rises, people will be expected to work longer and contribute to the economy for more years but many people are unhappy and expressed their anger that they will have to work the majority of their life, and when they do reach an age where they are able to retire, are questioning what kind of life they will be able to lead.

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