More than half of over-55s currently in the workforce are happy to work past the default retirement age of 65, according to new research[1] from MetLife.

Its nationwide study found 54% of those aged 55 and over who are currently in jobs want to keep working when they get to 65. However, one in four wants to reduce their hours and work part-time either in their current job or with a new employer.

Appropriate advice
The study found nearly one in five (19%) of those aged 55 and over regret not having taken professional advice on their retirement income planning while 29% say they have taken such advice. That leaves more than two fifths who have not taken any advice.

As life expectancy is rising and working lives are getting longer, the demands on retirement income have evolved and the demand for part-time working reflects that. New living patterns require retirement income solutions that offer greater flexibility to ensure sufficient income will be provided in later life.

Income choices
The research shows that people are not taking, or getting, the sound professional financial advice that is central to their ability to make the right retirement income choice.

In addition, the research shows that those aged 55 and over who want to carry on working full-time overwhelmingly want to stay with their existing employer – more than 90% say they want to continue in their current job. On the other hand, those who want to work part-time are more likely to switch to a new employer – nearly 60% would move to a new part-time role.

Source data: [1] Research conducted online by Consumer Intelligence among 2,065 adults between 7-14 August 2013.

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of and reliefs from taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future.