Retiring from work is a decision which most people will have considered very carefully. Many people are now retiring at a younger age and living longer. Retirement can be an exciting new phase in your life and it’s worth planning ahead to make sure that you get the most out of this time in your life.
Your retirement from work will also mean changes in your lifestyle, and it’s important to consider the emotional and practical implications of these changes.
Do I have to retire from work?
From 1 October 2011, employers are no longer allowed to force their employees to retire if they don’t want to. This is the end for the Default Retirement Age (DRA).
Retirement age is when an employee chooses to retire. Most businesses don’t set a compulsory retirement age for their employees and if an employee chooses to work past state pension age longer they can’t be discriminated against.
However, some employers can set a compulsory retirement age if they can clearly justify it.
It’s an employee’s responsibility to discuss when and how to retire with their employer. This could include phasing retirement through:
- flexible working
- working part-time
- finding new work
- self-employment.All employees have the legal right to request flexible working, and even though your employer may not agree to it, they must set up a meeting to discuss the option and give you an explanation for their decision.
Planning Your Finances
It is important to plan ahead and ensure that you will be financially secure during your retirement. It may be useful to speak to an independent financial adviser if you need advice about your retirement finances.
RetireEasy is a website with guides and tools to help you plan and organise your finances for retirement.