More than half of Britons plan to work after retirement, in a trend that may mean a number of middle-aged and elderly people delay their application for equity release products.
However, one in three plan to retire early in their 50s, shows research by Lloyds TSB Prviate Banking.
In contrast to the average Brit, more than half of those with a salary of £100,000 or over plan to retire in their 50s. However, the rich are more likely to work after retirement with 63% planning to do so compared to a national average of 51%.
A massive 77% of rich males say they will work after retirement compared to only 50% of wealthy women.
However, 8% of the general population said nothing would persuade them to continue to work after retirement.
The younger generation, in particular, have their sights set on early retirement. Just over a third of those aged 45 or under think they will retire in their 50s while only 18% of those aged 45 or more think the same.
Neil O'Toole, business development and investment director at Lloyds TSB Private Banking, says: “These figures show that as people get older, a dose of realism begins to set in. Whilst the 25s-45s are optimistic about having early retirement plans, their views may well change once they become closer to retirement age and realise it's not as feasible as they once thought.”
Those that plan to work after retirement are conscious of the necessity of having something to do, with 61% choosing to work to avoid boredom. 8% also admitted that money was needed to fund their lifestyle.
O'Toole adds: “There is currently a lot of uncertainty surrounding the future of retirement, even for Britain's wealthy. People wanting to retire with the similar lifestyle that they enjoy today need to think about investing for that future now.
“This does not just mean that you have a pension plan, but also that you look at other forms of investment that will provide you with long-term security to see you through retirement.”