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Workers increasingly resigned to 'phased' retirement – survey

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  • Workers increasingly resigned to 'phased' retirement – survey

GLOBAL - A growing number of workers have accepted that their retirement is less likely to be an "abrupt transition" than a "phased" process, according to a survey by Aegon.

The Dutch insurer canvassed more than 9,000 workers across Europe and the US on personal expectations for retirement planning and found that more than 60% of respondents anticipate needing part-time jobs after retiring.

Only 18% of respondents said they planned to stop working immediately after reaching retirement age.

The survey, conducted with the Transamerica Center for Retirement Studies and Cicero Consulting, also found that nearly half of respondents believe the pensionable age should remain unchanged - notwithstanding rising longevity costs.

In Hungary (65%) and Poland (61%), workers were largely in favour of keeping their current retirement age, compared with just 34% in the Netherlands and 36% in the UK.

Aegon said just 17% of the workers it surveyed believe the retirement age should be linked with longevity.

Forty-two percent of respondents - based in Hungary and the UK in particular - said they preferred a mix of benefit reductions and tax increases, with most in favour of tax increases.

According to 78% of participants of the survey, national governments should continue funding retirement benefits.

Aegon said workers in Germany, the Netherlands, the UK and the US considered themselves adequately prepared for retirement.

It also suggested that the end of the traditional "retirement cliff" had created new opportunities, such as "silver entrepreneurs" combining new businesses with travel and leisure pursuits.

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