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Over 50s regret retiring

Posted on 2 May 2017

8 out of 10 people who retire wish they’d kept working longer

  • SunLife survey of 50,000 over 50s finds 85% feel they retired too early
  • 18% supplement their income with extra earnings such as Air BnB and selling on eBay

Suggestions that the retirement age should be increased is often met with fierce opposition, with more change coming as from 2019 the state pension age starts to rise to age 66 for men and women by 2020.

However, the reality is that most retired people think they gave up work too early.

Over 50s insurance experts SunLife have surveyed 50,000 people age 50+ in the biggest-ever research project into this age group.

The study found that 85% of retired people over 50 think they retired too early, rising to 88% of those who are now aged 70+. On average, those that are retired or semi-retired think they did so two and a half years too early. Those aged 70+ think they retired three years too early. Less than 10% think they retired too late and just 5% think they got the timing right.

SunLife’s research also shows that a fifth of retirees are earning money in other ways. Thousands of people who retired from their main job have gone on to start their own business, while 18% earn money by doing things like selling items on ebay, renting out property, private tutoring, exam invigilating and working for the elections office. Others are using their skills to make crafts and cakes to sell, while others even model for art classes!

Ian Atkinson, marketing director at SunLife said: “Our research shows that people aged 50 and over feel 10 years younger mentally and almost four years younger physically, so, far from being ‘over the hill’, people in their 50s, 60s and 70s are feeling fit, healthy and sharp, which could explain why so many feel they gave up work too early and why so many are starting new careers.”

“Many people in their 50s, 60s and 70s have made big changes in their work lives, by either dropping to part time, or giving up stressful careers to do something they are more passionate about. Far from being the end of working life, for many, turning 50 actually offers a brand new start.”

One respondent switched her high-powered, high-paid job to work locally and it has changed her life for the better. The 53-year-old said: “By leaving a very stressful job, where I had to travel all over England, I am now working part time in the local coffee shop in my village and couldn't be happier. I earn a great deal less, but I am near home and my ageing father for emergencies. I don’t waste any time or money commuting, and feel quite happy.

It's a cliché, but I do think that I know myself better, and am better at saying 'no' to things, whether it is an invitation that I don't fancy or being asked to do something I don't want to do. I am even better at complaining to a shop or service.”

Ian Atkinson concluded: “The theme that runs through our Big 50 report is that age is just a number. People over 50 certainly don’t feel old and are not prepared to stop doing what they want to do just because of their age.

“By conducting the largest ever survey into this age group, we have gained huge insight into life after 50, enabling us, more than any other insurance company, to understand what people in their 50s, 60s and 70s really want and value.”

Case study

Chris Zaremba, aged 60, changed lifestyle and career at 50. He used to weigh nearly 18 stone, now he is a personal trainer and enters body building competitions!

meet-chris-over-50s-personal-trainer

Source

All stats are taken from SunLife’s Big 50 research. Big 50 was conducted by Critical Research, an independent market research company, specialising in financial research. The research consisted of an online survey carried out between November 2016 and January 2017, which was asked to 50,004 individuals aged 50-75 years old.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife? 

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.

If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

If you choose to pay for your funeral with a life insurance policy, the policy will be provided by Phoenix Life Limited, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.