“Grandad-olescents” on the rise: 50-65 have new views on retirement

Harrison Ford and Madonna are just two role models for the 50-65 age group, helping to change the way they view their retirement plans.

A new study by pensions company AEGON suggests that retirement is almost a second adolescence for some, with people now looking towards a world trip or a new career when their current working lifestyle ends.

Over 2,000 people between the ages of 50 and 65 were surveyed to gauge their attitudes towards retirement and to see what sort of financial provision they have in place.

The survey reveals that 56% expect to carry on working in some capacity after they reach retirement age (which will no doubt please the Government) and, for most, not because they have to.

More than one in ten said ‘love of the job’ made them want to stay in the work force, while 14% argued that they were simply ‘too young’ to retire. Interestingly, 12% said they would like to try out a completely different career in their retirement.

Those who don’t want to continue working are looking to far-flung destinations, with over a fifth of people taking a holiday trip of a lifetime, including long-haul touring, travelling around Europe, or action and adventure holidays.

Celebrities like Sir David Attenborough, Dame Judi Dench, and Madonna are setting the standard for those at retirement age.

Financially speaking, 42% of those surveyed thought that they’d be better off than their parents, and 32% better off than their children.

However, over half admitted that they could have been better prepared for retirement had they thought about planning for it sooner.

Rachel Vahey, Head of Pensions Development at AEGON, commented, “Retirement isn’t the abrupt cliff edge it once was and, for many of today’s “baby boomers, retirement age marks a new and exciting chapter of their lives. But if you want to make adventurous life choices and have a more flexible approach to retirement, it requires careful planning. Younger generations should take note and make sure that they have enough income to enjoy their second adolescence.”