Two-thirds of over 50s would retrain to work longer

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Over two-thirds (63%) of over-50s would consider retraining to stay in work longer, according to research by MetLife.

According to the research, Flexibility in retirement – planning for change, 50% of those over 50 would think about learning new skills to continue in full- or part-time employment, while 13% would consider retraining to start their own business.

Seven in 10 (71%) respondents said they might continue working after current traditional retirement ages, with just 31% expecting to retire completely from full-time work.

When asked why they wouldn’t be retiring, 30% said they would miss the social interaction that work provides, 29% feel work gives them a sense of purpose and 23% say they enjoy working and don't feel ready to retire.

However, it might also be a case of necessity forcing people to work longer: the study found 55% of respondents are not financially well-prepared for retirement.

MetLife UK managing director Dominic Grinstead said: “It is striking that many over-50s are considering retraining to become more flexible at work, just as pensions are being changed to be more flexible.

"The numbers contemplating working longer shows that as the retirement landscape changes and people prefer to phase their retirement, flexible income solutions will be needed to enable people to make the best possible use of pension freedoms.”

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