The Changing Shape of Retirement

The Changing Shape of Retirement

Retirement is no longer the cliff edge it used to be. Instead of the either/or condition that used to define people’s working lives, we’re now seeing new patterns emerging. For some people this may mean reducing time spent at work as they move closer to retirement. For others the changing shape of retirement means starting a new career or returning to full or part-time education.

Changing Attitudes to Retirement

In 2011 a change in employment legislation saw the removal of 65 as the default retirement age. Over the subsequent decade, attitudes towards employment have been shifting and working patterns aligning to accommodate them.


Average life expectancy in the UK is now 81 years, which means retirement lasts much longer than it used to. Many people now choose to work beyond the traditional retirement age, or even to begin a new career in their 60s.


Has Covid Affected Your Retirement Plans?

Awful as the pandemic was, it also provided many working age people with the rare opportunity to step-back from their routines and consider their life choices. In some cases, this has led them to consider bringing forward their retirement, for others it has led to a re-evaluation of their work, and the amount of time they spend doing it.


The tumultuous experience of Covid allowed us to consider what was most important in our lives, and what we valued most. Many families started to weigh up whether they could pare back their material needs in order to achieve a better quality of life without having to wait for retirement to come around.


The Changing Shape of Work

The pandemic also brought about a revolution in people’s experience of work. Millions were furloughed and found themselves at home with partners, often sharing home schooling. Working from home became the new norm for a workforce that had accepted the daily commute as a necessary evil.


This kind of major shake-up makes new kinds of work and ways of working possible. In the summer of 2020 RightMove recorded a 126% rise in enquiries from city clients about rural properties. Whilst we haven’t seen a mass exodus from cities, it demonstrates that working from home has refreshed our idea of what our work/life balance might look like.


Thinking About a Change?

A survey carried out by Randstad UK in October 2021 found that 69% of those surveyed were confident that they would be moving to a new role soon, and 24% were planning a change in the next 3-6 months.


The past couple of years have given us all a jolt and allowed us to consider whether we’re happy with our lives. The answer to that question may mean changing your place of work, the kind of work you do, or the age you want to retire.


If you’re considering a major change in your working life, or you have exciting new plans for your retirement, Harpur Wealth Management can help. We can work with you to calculate the financial implications of any decision you’re considering; and we’ll create a strategy to ensure that you can make the move you want without having to worry about your retirement income

Time to Review Your Finances?

Changing the shape of your retirement can feel scary because it can disrupt our financial planning for the future. Harpur Wealth advisors can, however, work with you to manage the impact any change has on your financial planning. If you feel that it would be helpful to review your current investments, savings, or private pension the Harpur Wealth Management team would be delighted to help.


The Harpur Wealth team provides professional expertise and a bespoke service, with the aim of setting and achieving long-term financial goals for you, your family, or your business.

Why not book a free consultation today with a Harpur Wealth Advisor? Call us on 01234 924620 or use our online form.


This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.


The value of your investment can go down as well as up and you may get back less than the amount invested.


‘The Financial Conduct Authority does not regulate taxation advice’

Scroll to Top