We all dream of having a relaxing retirement and leaving the stresses of work behind, however it seems that this may be just a dream for the next generation of retirees. New research from retiresavvy.co.uk has revealed the expectations people have for their own future is very different to what they had once dreamt.
Boredom creeps in 10 months after leaving work
More than half (59%) expect to still be working in their retirement. With 18 per cent of those expecting to end up in full-time employment even after they’ve reached retirement age and one in four are planning on working part time to boost their retirement income.
For many people it seems a work-free retirement is a luxury they can’t afford, with only a fifth of Brits believing they’ll be able to spend their time relaxing in retirement. However, it’s not only for financial gain that people will still be working in their retirement.
For those that have given up the daily grind, boredom creeps in just ten months after leaving work and we will often look for other ways to fill their time. More than a third (36 per cent) of Brits say they hope to be busy helping others in their spare time, while more than one in six (16 per cent) of those using their new-found freedom and time to put the skills they have learnt from years of working to help others through volunteering.
While a fifth of people say they’ll be too busy to put their feet up, as they will be helping those closer to home by providing regular childcare for their grandchildren and even caring for their own parents.
Andrew Sheen of retiresavvy.co.uk, says: "What's clear from our research, is that retirement is what you make of it, be it relaxing, volunteering, supporting the family or even going back to work – and planning ahead is key."
The top 7 things people miss about working in retirement
1. The workplace banter and colleagues
People are social creatures and the workplace is usually the most social place we know. Over half of retired Brits felt the retirement glow wore off because they missed the camaraderie they had at work, while 62 per cent of retired women and 44 per cent of men admitted they missed the banter they shared daily with colleagues.
2. The job title (and the feeling of importance that goes with it)
Lots of people define themselves by what they do for a living and get self-esteem from their job title – even carrying this over into retirement. Job titles give structure and meaning to people’' place in society, so it's hardly any surprise that some people feel a loss of self-worth when they give up work – this can be particularly the case for men in more senior positions.
3. The stress and satisfaction of a job well done
Work can be stressful at times, but with that often comes the satisfaction of a job well done, which can be lacking in retirement. Four in ten felt in retirement their mind was no longer being pushed and still felt capable of completing a full time job.
4. The 9-5 routine
People might hate the drudgery of the 9-5 workday, but it’s ironic that in retirement, more than a third of respondents said they were fed up that every day ended up being the same as the last, while one in five felt completely redundant. Loneliness, boredom, and the feeling of ageing quickly were all cited as reasons why retirement wasn’t as enjoyable as they had imagined.
5. Time away from the other half
Going from working a full week plus commuting time to spending all your time at home can be a strain on relationships. Four in ten couples find it impossible to live with each other during retirement as they're just not used to spending so much time together after working for so long. Many couples struggle to fill the hours with so much spare time, and probably argue more as a result; in fact, 11 per cent say they disagree about how they will spend their day.
6. Being kept busy and out of the house
Say what you like – but work does at least keep you busy during the day. Skipton found that a fifth of retirees thought daytime television was awful, a quarter said the great British weather stopped them getting out and about as much as they would have liked, while about one in seven were taken for granted a little by family, as it became expected for them to run around after children and grandchildren.
Most people’s incomes take a hit in retirement as they move from a monthly wage to living off a pension or other retirement salary. A third of retirees struggled to cope without their monthly wage packet – making it all the more important to have good pension plans in place before leaving work.
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