The expected generation of “Wearies” – Working, Entrepreneurial and Active Retirees – was highlighted in a report compiled by the Future Foundation for pension provider Friends Life.
The “working retired” could become consultants, online traders or set up odd job businesses from their retirement flats to make ends meet, the study suggested.
The Pensions: Crisis and Reforms report looked at how retirees would cope in the decades to come if automatic enrolment into pension schemes, which begins this October, fails to tackle the lack of savings built up by those on squeezed incomes. It found that most baby boomers (67%) expected to be more active in their retirement than previous generations.
Three-quarters of those who were currently working would be prepared to perform part-time work after retirement, while a third said they would be prepared to run a small one-person business from home.
The report also predicted a possible return to several generations living under one roof, with 14% of current workers saying they would consider moving in with other family members as they grew older. Around six in 10 of those surveyed would consider selling little-used possessions online to help make ends meet.
A third said they would rent out a room to a lodger, while only one in nine (11%) of current workers would not consider any of the options suggested to them.
Martin Palmer, head of corporate benefits marketing at Friends Life, said: “If Britain fails to get a grip on the looming pensions crisis, the home could double up as the workplace for many senior citizens. We will see the birth of the biz-res. If this happens, it won’t be uncommon for front rooms to be dominated by desks with computers and phones or for business meetings to take place in people’s dining rooms and conservatories.”
A Department for Work and Pensions spokeswoman said: “Automatic enrolment will help millions to start saving, or save more, for their retirement, ending the spiralling decline in pension saving over recent decades.
“Our research shows that most employees expect to stay in a workplace pension scheme if they are automatically enrolled and most employers will maintain or increase their levels of pension contributions.”
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