A survey released by Aviva shows that 39% of over-55s have experienced redundancy, enforced early retirement or stopped work due to illness in the run up to retirement, and that 74% say it is harder to find work after their 55th birthday. Breaking down the numbers, "The Aviva Real Retirement Report: Issue Six" reports that Indeed, 15% report being made redundant, 11% were forced to stop work due to illness, and 11% were forced into early retirement.
In reaction to their financial difficulties, 68% of the over-55s said it has had a detrimental effect on their retirement finances, with 34% having to cut back on their lifestyle, 7% worrying about how to pay an outstanding mortgage and 11% considering using assets such as their house to pay for retirement. Nevertheless, the report says that 5% of over-55s saw the "count-down" to retirement as the opportunity to choose to move to "part-tirement" and 3% to start their own business.
In a story following up on the Aviva report, Jo Thornhill writes in This is Money that "The pensions crisis means over-55s will need a 'patchwork' of roles to boost retirement income". This would be a patchwork of part-time work, consultancy, self-employment and leisure time.
Source: Aviva News Release (June 29, 2011)