The Bonus Years – The Solution To Rethinking Retirement

by Dr. Ros Altmann

(All material on this page is subject to copyright and must not be reproduced without the author’s permission.)

---

State Pension:

Commenting on the latest research recommending the need to rethink retirement, from the International Longevity Centre UK, Dr Ros Altmann, director general of Saga said: “slowly but surely, more and more people are recognising the tremendous opportunities and benefits that living longer, healthier lives can offer. Retirement needs to catch up with people’s lives. There is a whole new phase of life opening up – the bonus years – where people work part time, as and when and how they wish to.

“This would be a win-win for the economy and society – it will help older people have higher incomes and create more jobs for the young. If we carry on as we are, then people will stop working, have low pension incomes and reduced spending power, which will stifle growth.

“Saga’s research shows that many of our over 50s already want to work past 65. 71% would like to work part time rather than retiring and in fact 7% are already working past the age of 70 – and it’s not just for the money.

Work satisfaction, feeling useful and the social benefits we gain from working were key reasons that people wanted to continue.

“A social revolution where we redefine age and rethink retirement is well underway – by embracing and in fact welcoming the opportunities of these bonus years, we can help boost our ailing economy, ensure less reliance on the state and ultimately make retirement more fulfilling.”