- Results of a new survey released by the Retirement Planning Council
Over half of those over 50 plan to continue working on in retirement, according to recent survey results from research conducted by the Retirement Planning Council of Ireland (RPC). The survey, that was carried out exclusively amongst over 50’s, found that 55% of respondents plan to continue working after they retire from full time employment.
Of those surveyed, 63% said that their job has a mandatory retirement age. The RPC research found that this was a common incentive to continue working, for those approaching retirement age and those already retired.
93% of survey respondents who said they would continue working after retirement plan to work part-time, while 6% said they intend to work full-time.
The majority of the people who plan to continue working, intend to try something new, with 52% saying they would change industry or role. This is in contrast to 48% of respondents who stated they would continue working in their current field.
Respondents stated numerous reasons about why they would continue working, including:
- Wanting to remain active and engaged;
- To maintain social connection; and
- To avoid lack of daily structure or because they are passionate about their line of work
Unsurprisingly due to rising cost of living, financial considerations emerged as a key theme for working part time or full time in later years.
Paul Kenny, Programme Leader at the Retirement Planning Council of Ireland said: “On our pre-retirement courses, participants are often surprised when we mention how much time a person gets back in a week, once retired – roughly 50 hours a week are recovered, including traditional working hours and commuting. While it may seem obvious, it often comes as quite a shock to many, as people can struggle to see beyond their life in work, which they have known for the past 40 years.
We help pre-retirees to plan and think of different ways to fill their time, be that through hobbies or volunteering, but a popular option, which is reflected in our survey results, is to continue working after retiring from full time work. The survey results were interesting, with the majority of respondents (63%) indicating that the decision to retire is often not entirely theirs, as their employer has a mandatory retirement age. There are a number of options for retirees to consider, and working full time or part-time is a strong option. Workers in the 50s and 60s have a wealth of experience and knowledge that employers can benefit from.”
The Retirement Planning Council offers a hybrid blend of virtual and live delivery of the holistic, pre-retirement courses, using an eLearning platform, RPC Learn, as well as in-person sessions offered in various locations across the country.