The report Understanding Retirement is based on a survey of 1243 British adults aged between 50 and 70-years old. It reveals that 44% of that demographic class themselves as retired, 35% of whom are below state pension age (65 for men and 62 for women).
In the group who class themselves as non-retired, 30% (3.2 million) say they are not in work. In the retired group, one-third (3.2 million) say would like to find work that offers them flexibility but have been unable to find it.
NAPF chief executive Joanne Segars said the research signals and end to the idea of “happily never working again” in retirement.
“The reality is many are looking for suitable work to make ends meet but cannot find it,” she said. “They need jobs that are not too physically demanding and offer flexible working, in many cases to allow them to fit in other responsibilities.
She added that increased instability over retirement income has led to people approaching retirement with a mix of “happiness and trepidation”.
This cohort will be the first to test the government’s agenda for freedom and choice in pensions. Their experience will be vital in forming pension policy that helps this and future generations,” she said.