{"id":25963,"date":"2024-03-13T09:05:13","date_gmt":"2024-03-13T09:05:13","guid":{"rendered":"https:\/\/smh.group\/?p=25963"},"modified":"2024-03-13T09:08:03","modified_gmt":"2024-03-13T09:08:03","slug":"delaying-retirement-why-more-people-are-working-longer","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/delaying-retirement-why-more-people-are-working-longer\/","title":{"rendered":"Delaying Retirement: Why More People Are Working Longer"},"content":{"rendered":"

Recent studies on anticipated retirement ages have unveiled some surprising and potentially unrealistic findings. <\/strong><\/h3>\n

The next increase in State Pension Age (SPA) to 67 will start to take effect in about two years\u2019 time. Under current legislation the move to a SPA of 68 begins in April 2044, but that timing could change. Seven years ago, a report commissioned by the Department for Work and Pensions (DWP) suggested that phasing in for SPA 68 should start from 2037. However, the government decided it would wait until after the then imminent general election before initiating another review and making a final decision.<\/p>\n

That fresh review was published in 2023 and suggested a start date of April 2041 for SPA 68. In a fine piece of d\u00e9j\u00e0 vu, the government responded with the announcement of a further review, to occur \u201cwithin two years of the beginning of the next Parliament\u201d, which falls after this year\u2019s expected general election.<\/p>\n

While the politicians procrastinate over the options acceptable to the electorate, public attitudes to retirement ages are changing. A recent survey revealed that almost half of Britons under 66 who had not already retired were expecting to continue working beyond the age at which they would start to receive the State pension. The average age at which many said they would finally be able to \u2018clock off\u2019 was 72.<\/p>\n

Over a third of those planning on post-SPA employment said their reason to continue working was that they did not think their pension would cover their day-to-day expenses. In this same group, just over half were aged 55 and above. All is not financial gloom, however. Close to a quarter of people said they would continue to work because they enjoyed the routine, a fifth because they liked their job, and almost as many gave the reason that they had not prepared for retirement.<\/p>\n

If you find yourself falling in with the half of the population considering post-SPA employment, you may be too optimistic about your willingness \u2013 and, importantly, fitness \u2013 to work beyond pension age. The latest Office for National Statistics survey<\/a> shows that 11.5% of those aged 65 and above are in work. That will include a proportion of people planning to retire when they reach the current SPA of 66.<\/p>\n

There is a sound argument that says it is wiser to plan for retirement than continued employment. The former may be the only option if, for whatever reason, the latter is not.<\/p>\n

To discuss your financial planning, contact<\/a> our\u00a0Sheffield based Financial Advisers<\/strong><\/a>\u00a0on\u00a00114 266 4432<\/strong>\u00a0or\u00a0info@smh.group<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Recent studies on anticipated retirement ages have unveiled some surprising and potentially unrealistic findings.<\/p>\n","protected":false},"author":4,"featured_media":25964,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[201,359,361],"class_list":["post-25963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-retirement","tag-state-pension","tag-state-pension-age"],"acf":[],"yoast_head":"\nDelaying Retirement: Why More People Are Working Longer - SMH Group<\/title>\n<meta name=\"description\" content=\"Recent studies on anticipated retirement ages have unveiled some surprising and potentially unrealistic findings.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Delaying Retirement: Why More People Are Working Longer - SMH Group\" \/>\n<meta property=\"og:description\" content=\"Recent studies on anticipated retirement ages have unveiled some surprising and potentially unrealistic findings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/delaying-retirement-why-more-people-are-working-longer\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-13T09:05:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-13T09:08:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2024\/03\/Untitled-design-8.png\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"648\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/delaying-retirement-why-more-people-are-working-longer\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/delaying-retirement-why-more-people-are-working-longer\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"Delaying Retirement: Why More People Are Working Longer\",\"datePublished\":\"2024-03-13T09:05:13+00:00\",\"dateModified\":\"2024-03-13T09:08:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/delaying-retirement-why-more-people-are-working-longer\/\"},\"wordCount\":421,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/delaying-retirement-why-more-people-are-working-longer\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2024\/03\/Untitled-design-8.png\",\"keywords\":[\"retirement\",\"state pension\",\"state pension age\"],\"articleSection\":[\"SMH Financial Services\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/delaying-retirement-why-more-people-are-working-longer\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/delaying-retirement-why-more-people-are-working-longer\/\",\"name\":\"Delaying Retirement: Why More People Are Working Longer - 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