Flexible retirement could be the key to happiness

Older workers are opting to stay at work past the retirement age as life expectancy rises, according to new studies. A report by The Lancet has revealed the average person is expected to live to the age of 85 by the year 2030, and that as people are living longer, more are choosing to stay in work and keep active.

Believing it has perks both mentally and physically, The Lancet wants people to rethink their retirement plan to reduce the risk of loneliness and happiness in later life. Instead, workers are being encouraged to take ‘mini retirements’ throughout their working life, taking longer breaks away from their job and enjoying life along the way instead of waiting 50 years.

Research from AXA PPP Healthcare supports the movement towards more flexible retirement, finding a vast majority of people seeking out some work after they reach the end of their career. Taking larger rests to reflect can leave you more fulfilled and improve your productivity when you return to work, according to experts. Sudden retirement, isolation and a drastic change in routine can have a negative effect on mental health similar to unemployment, increasing the risk of depression by 40%.

“Steady, continuous working lives can actually add to a positive outlook on life and provide an ongoing sense of fulfilment,” said Dr Yousef Habbab, medical director for health services at AXA PPP healthcare. “If you are looking to continue past retirement age, there are lots of sources of support to lean on, from health insurance, like that which we offer for SMEs, but also financial grants and advice from Age UK.”