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Older people favour a gradual move into retirement, with more flexible working, a survey finds.
Nearly half of UK workers over 50 who earn more than £20k would ideally like to transition into retirement gradually by reducing their hours, according to a survey.
The survey of over 1,000 people by Aegon found workers favour a phase of ‘pre-tirement’ by adjusting the amount of time they work before they give up work altogether.
A transitional approach was embraced consistently across all income bands and in 11 out of 12 areas in the UK, with the only exception being the North East of England, where only a third (34%) would choose this route.
The traditional approach to retirement, the so called ‘cliff edge’, where workers go from their usual work pattern to full retirement all in one go, is now favoured by less than a third (31%) of workers over the age of 50.
Among those that would like to transition, as many as seven in ten (70%) would ideally like to adjust by working fewer days, while a significant 44% saw a reduction in the number of hours they work every day as the preferred solution. A third (33%) wanted more flexible working arrangements and a fifth were looking for more holiday entitlements while remaining in employment.
Understanding the challenges and opportunities of an ageing population is vital if we want to create productive, innovative and inclusive multi-generational teams as we all lead longer working lives. workingwise.co.uk is a job and community site, from the people behind workingmums.co.uk, specially focused on older workers looking for flexibility and improved work-life balance, and the employers who recognise what they have to offer.
Steven Cameron, Pensions Director at Aegon, which provides life insurance, pensions and asset management, said: “The concept of retirement is changing from traditional to transitional. As people enjoy longer life spans, they no longer yearn to down tools and start retirement in one fell swoop.
“Over 50s in the UK see the appeal of gently easing off the amount of time they work or altering their working pattern. Many see this as having the best of all worlds, benefitting mentally and socially from work, as well as continuing to receive an income, while simultaneously enjoying more leisure time.
“Our research shatters the concept that retirement is a single-day event. Time has run out for ‘carriage clock’ retirements. Those approaching retirement want a fluid transition, and it’s not only the individuals who’ll benefit. Enabling individuals to remain economically active into later life is also good for employers and the broader economy.”
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Comments [6]
Lynda Fuller says:
I want to reduce my hours prior to retirement. My company call it gardening leave but they say I have to work for them for 10 years before I get paid gardening leave . Is this right?
Mandy Garner says:
Gardening leave is generally used when someone has handed in their notice. An employer may have their own policy on this so you would need to check that – usually gardening leave means that you are entitled to your normal contractual benefits. Gardening leave is generally when you don’t work during a part of your notice period or contact other employees, but you say you want to reduce your hours only. That is not the same as gardening leave and you could submit a flexible working request to ask to reduce your hours. Have you handed in your notice?
Deborah Condon says:
I am a woman of 59 not good health and I would like to reduce my hours how old have I got to be before I can do that
Mandy Garner says:
Hi, Anyone who has been in their job for over six months can request flexible working through the right to request flexible working – see https://www.workingmums.co.uk/secrets-from-an-hr-manager-how-to-get-your-flexible-working-request-approved/
Brian Evans says:
My company wants to reduce my hours. I am 66 and I am doing my job very well. I have passed a medical and a HR interview. I do not want to reduce my hours
Mandy Garner says:
Hi, are only you being targeted for a reduction in hours and, if so, what is the justification?