Choosing when to retire is one of the most important decisions facing more mature workers. Whilst employees are no longer excluded from the workplace when they reach a certain age, one factor that undoubtedly plays a major part in deciding when to retire is their state of health.
A recent study1 found that nearly four million employees over the age of 50 in the UK expect poor health to be the main reason they retire. Work pressures were described by 21% of those surveyed as a major strain on their physical and mental health, with 37% reporting that their work could be detrimental to their health and wellbeing.
Planning gives flexibility
Most workers would like to feel that they have a degree of flexibility when it comes to deciding to give up work. Retirement planning can help make this choice easier. Saving regularly over the years and accumulating a reasonable amount in your pension pot means you have more options available to you. You can retire if you feel that would be better for your health and wellbeing, but equally if you are still fit and healthy and enjoying your job, you can stay in the workplace.
1Aviva, Sep 2018