Belfast Telegraph

More workers join ranks of ‘nevertirees’

Northern Ireland individuals are among a growing number of wealthy workers who plan to shun retirement and become ‘nevertirees’, according to a report.

A report from wealth management firm, Barclays Wealth Insights, called The Age Illusion: How the Wealthy are Redefining Their Retirement, found that 60% of the UK’s high net worth individuals planned to continue to work, start businesses and take on new projects in their later years.

The findings show that the concept is expected to gain popularity, with 70% of respondents under the age of 45 saying that they will always be involved in some form of work.

While a desire to remain in work might be expected to chime with business owners and entrepreneurs, the findings apply to all wealthy respondents, with 57% of those who inherited their wealth saying they too will continue working in later life.

Although the emerging markets show the biggest desire to keep on working in later life, the UK leads the way among the developed economies.

The Republic was second, with 59% intending to delay retirement as long as possible.

In the US, 54% of respondents expressed a desire to carry on working, with Switzerland (34%), Spain (44%) and Japan (46%) more likely to opt for a conventional retirement.

The Coalition Government has said it intends to scrap the default retirement age of 65.

David Semaya, head of Barclays Wealth in the UK and Ireland, said: “There are a number of factors driving the notion of a ‘nevertirement’ among significant sections of the UK’s population.’’

“While higher life expectancies and concerns about an unpredictable economy are almost certainly relevant, it is fascinating to see that wealthy people are continuing to work for a variety of other reasons,’’ Mr Semaya said.

Belfast Telegraph