Prudential Reveals the Changing Face of Retirement for Class of 2013

Prudential has revealed almost six out of ten retirees would consider working past State Pension Age according to its Class of 2013 research.

2013-02-17

LONDON, ENGLAND, February 17, 2013 (Press-News.org) Nearly a quarter (24 per cent) of people planning to retire this year say they don't feel ready to stop work yet, and more than a fifth (21 per cent) say they don't like the idea of being at home all of the time in retirement, according to new figures* released by Prudential.

Its Class of 2013 research, the latest of the annual studies conducted by Prudential since 2008, tracks the plans and expectations of people entering retirement this year. The report reveals a positive shift in attitudes towards retirement, despite the fact that it can be a financially challenging time for many.

Nearly six in ten (57 per cent) of people preparing for retirement this year say they would consider working past the State Pension Age, with two fifths (40 per cent) of those wanting to work in full-time employment and three fifths (60 per cent) considering working part-time.

This motivation for continuing to work on is not just financial. More than half (55 per cent) of those considering working past State Pension Age believe it would keep their minds and bodies active and healthy, compared with 40 per cent who are motivated by boosting their retirement incomes. Almost as many (38 per cent) say they would be happy to work on simply because they enjoy working so much.

Even when they do stop working, the Class of 2013 does not intend to slide gracefully into old age. Nearly a third (31 per cent) are looking forward to retirement, with 52 per cent planning to undertake more physical activity, 29 per cent planning to take on more mentally challenging tasks, and 33 per cent planning to socialise more.

Stan Russell, Prudential's retirement income expert, said: "In the past, people went from being in full-time employment one day to being retired the next. Retirement is much less of an event these days due to flexible working behaviours, and this is reflected in the attitudes of the Class of 2013.

"Retiring at 60 or 65 years old is no longer a financial reality for many people, and the phased changes to the State Pension Age acknowledge this is the case. Some people do not want to retire at all, while others are happy to retire as early as possible.

"While feeling healthy and happy is part and parcel of enjoying retirement, it is important for people to enter this period of their lives with their eyes open. Expected retirement incomes are at a six year low, and so it is important to plan ahead - and consult a financial adviser or retirement specialist - to ensure a comfortable retirement."

Prudential's research shows that the ideal employment scenario for those who would consider working past the State Pension Age is to continue working in their current jobs but with reduced hours. Thirty per cent would prefer to work in their current job part-time, while 10 per cent would happily continue to work in their current job full-time.

Nine per cent of those expecting to retire this year, and who would consider working on, would like to earn money from a hobby, while six per cent would ideally like to start their own businesses.

Notes to Editors:
*Research Plus conducted an independent online survey on behalf of Prudential between 2nd and 12th November 2012, interviewing 8,676 UK non- retired adults aged 45+, including 1,007 who intend to retire in 2013.

About Prudential:
"Prudential" is a trading name of The Prudential Assurance Company Limited, Prudential Unit Trusts Limited and Prudential Distribution Limited. This name is also used by other companies within the Prudential Group which, between them, provide a range of financial services that incorporate retirement planning, investment planning, life assurance, pensions and savings.

Website: www.pru.co.uk

ELSE PRESS RELEASES FROM THIS DATE:

SEAT Introduces the New Leon SC

2013-02-17

SEAT has revealed the latest addition to its Leon range which will debut at the Geneva Motor Show in March. The Leon SC is a striking three-door hatchback that is the perfect embodiment of the SEAT design language. Without compromising everyday usability, it becomes the most sporting model in the SEAT range, blending stunning looks with a functional interior - a mix of excellent workmanship and premium materials, with plenty of room for all occupants. At 380 litres, even the luggage compartment is as generously proportioned as that of the five-door variant. "The ...

Previewing the next steps on the path to a magnetic fusion power plant

2013-02-16

Scientists around the world have crossed a threshold into a promising and challenging new era in the quest for fusion energy. So says physicist George "Hutch" Neilson, director of advanced projects at the U.S. Department of Energy's Princeton Plasma Physics Laboratory, in remarks prepared for the 2013 annual meeting of the American Association for the Advancement of Science in Boston. The new phase has begun with the construction of ITER, a fusion facility of unprecedented size and power that the European Union, the United States and five other countries are building ...

Mentoring models to move minorities to majorities in STEM

2013-02-16

Evidence of a shift in U.S. demographics and importance of minorities took center stage during the Presidential election, but how do those growing toward majority acquire representation in our educational and technological communities? Accelerating programs that mentor and move minorities forward to majorities in science, technology, engineering and math (STEM) is one method that is gaining traction, said Castillo-Chavez, one of a trio of Presidential Award for Excellence in Science, Engineering and Mathematics (PAESMEM) Mentors speaking at the American Association for ...

Strengthening speech networks to treat aphasia

2013-02-16

PROVIDENCE, R.I. [Brown University] — Aphasia, an impairment in speaking and understanding language after a stroke, is frustrating both for victims and their loved ones. In two talks Saturday, Feb. 16, 2013, at the conference of the American Association for the Advancement of Science in Boston, Sheila Blumstein, the Albert D. Mead Professor of Cognitive, Linguistic, and Psychological Sciences at Brown University, will describe how she has been translating decades of brain science research into a potential therapy for improving speech production in these patients. Blumstein ...

When good habits go bad

2013-02-16

BOSTON, MA -- Learning, memory and habits are encoded in the strength of connections between neurons in the brain, the synapses. These connections aren't meant to be fixed, they're changeable, or plastic. Duke University neurologist and neuroscientist Nicole Calakos studies what happens when those connections aren't as adaptable as they should be in the basal ganglia, the brain's "command center" for turning information into actions. "The basal ganglia is the part of the brain that drives the car when you're not thinking too hard about it," Calakos said. It's also ...

Mussels cramped by environmental factors

2013-02-16

The fibrous threads helping mussels stay anchored – in spite of waves that sometimes pound the shore with a force equivalent to a jet liner flying at 600 miles per hour – are more prone to snap when ocean temperatures climb higher than normal. At the American Association for the Advancement of Science meeting in Boston, Emily Carrington, a University of Washington professor of biology, reported that the fibrous threads she calls "nature's bungee cords" become 60 percent weaker in water that was 15 degrees F (7 C) above typical summer temperatures where the mussels were ...

Mussel-inspired 'glue' for surgical repair and cancer drug delivery

2013-02-16

When it comes to sticking power under wet conditions, marine mussels are hard to beat. They can adhere to virtually all inorganic and organic surfaces, sustaining their tenacious bonds in saltwater, including turbulent tidal environments. Northwestern University's Phillip B. Messersmith will discuss his research in a talk titled "Mussel-Inspired Materials for Surgical Repair and Drug Delivery" at the American Association for the Advancement of Science (AAAS) annual meeting in Boston. His presentation is part of the symposium "Translation of Mussel Adhesion to Beneficial ...

Using transportation data to predict pandemics

2013-02-16

In a world of increasing global connections, predicting the spread of infectious diseases is more complicated than ever. Pandemics no longer follow the patterns they did centuries ago, when diseases swept through populations town by town; instead, they spread quickly and seemingly at random, spurred by the interactions of 3 billion air travelers per year. A computational model developed by Northwestern University's Dirk Brockmann could provide better insight into how today's diseases might strike. Brockmann, an associate professor of engineering sciences and applied mathematics ...

Historic legacy of lead pollution persists despite regulatory efforts

2013-02-16

Efforts to reduce lead pollution have paid off in many ways, yet the problem persists and will probably continue to affect the health of people and animals well into the future, according to experts speaking at the annual meeting of the American Association for the Advancement of Science (AAAS) in Boston. "Things have substantially improved with the virtual elimination of leaded gasoline, restrictions on lead paint, and other efforts to limit releases of industrial lead into the environment. But the historic legacy of lead pollution persists, and new inputs of industrial ...

Studying networks to help women succeed in science

2013-02-16

For women in science and research, finding a network of colleagues in their specialized area might be difficult: relevant researchers and activists can be spread across generations, cultures and continents. Finding a mentor within this group proves particularly difficult for young women and minorities. Northwestern University's Noshir Contractor will discuss his network research in a presentation titled "Understanding and Enabling Networks Among Women's Groups in Sustainable Development" at the American Association for the Advancement of Science (AAAS) annual meeting ...

Prudential Reveals the Changing Face of Retirement for Class of 2013

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: