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Planning Retirement Online

Working in Retirement


Businessman entering buildingNow there is no such thing as a Default Retirement Age (DRA), when people could be 'pensioned off' just because they have reached a certain age. So, if you still capable of carrying out your job, you can stay at work. It may involve an adaptation of your role, which you might agree with your employer. Many employers are now arranging for people to stay at work on some kind of reduced hours arrangement such as part-time working, job share or some other pattern of work. These things would have to be negotiated but, if you wish to carry on with exactly the same role, then no-one can say that you cannot do that. To find out some more about the demise of the DRA, go to the ACAS website.


There are certain implications around the ability to stay on at work. It's now up to us to plan when we think we might want to retire so that we can arrange our finances accordingly. Your employer might wish you to give them some idea of when you are thinking of retiring so that they can do some succession planning and that's not unreasonable. So we need to think about how we want to play it and what we want to do.

Some of us make a conscious choice to stay on at work for financial reasons, to balance expenditure against income or increase the retirement pot, while others work for social reasons or because it provides structure and continuity to our lives. Yet again, some of us can’t imagine a life without work because of the mental stimulation and fulfilment it brings us or to keep in good shape if we are active in the workplace. If you have forgotten what they are, or have not looked at them yet, go to the Introductory page and take a look at the various benefits that work can provide us.


The other side of the coin is that we may simply carry on working without really planning whether or when we might stop. Without planning when we want to retire, we could be making a mistake and depriving ourselves of the opportunity to take advantage of the opportunities that retirement brings.

Regardless of whether working on is planned or not we need to give some thought to our future. Research shows that most people prefer to either wind down to retirement or to carry on working but in a different way to before. Many people planning retirement from work, whether or not that includes a return to part-time or voluntary work, take advantage of a planning for retirement workshop. Various studies have shown that life satisfaction is significantly increased for those people who do attend a retirement planning workshop. Delaying retirement means that we do not get the option of such a workshop. Therefore we do need to think consciously about why and how we are working and plan our future needs in line with our values, expectations and personal circumstances.

Depending on our capability and health in later life we may need to review our roles, workload and our aspirations. This can impact on the rewards and benefits we expect to receive. We may need to balance work with other aspects of our lives including our relationships, family expectations, developing our interests and talents, and the things we want to achieve before it is too late in life.


Financial planning is important throughout our careers and is equally important when it comes to thinking about retirement. Some of us choose to work more in later life to build up a pension pot while others adjust their hours and income to that which ensures they can meet their lifestyle needs. With planning we can make the best choices for ourselves. We may choose to adjust our hours by doing one of the following:

  • Working full time in 4 days

  • Reducing our hours

  • Taking partial or full pension whilst continuing to work, adjusting our hours to our needs

  • Taking a job with a reduced workload

  • Doing a job share

  • Continue in full time work paying additional voluntary contributions, maximising our pension contributions and saving as much as we can.

It is a good idea to talk to your employer to establish exactly what the options are and then make a decision. In addition, LaterLife offers training and coaching for people choosing to stay on at work and who would like to review and plan their future financial and lifestyle needs. If you would like to find out more about these, email us at


If you would like to do some paid work but with a different employer, go to our Paid Work page in this section. Our Voluntary Work page will help you if you want to volunteer, or our start your own business section will help if you want to try self-employment.  The Introduction will put the whole of our Work section in perspective for you.

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