This report suggests that if impending reforms don’t solve our nation’s pensions crisis then these retirees will be forced to rethink the nature of their retirement – continuing in part-time work or running a small business out of their homes – rather than enjoy some well-earned rest in their twilight years.  It’s a sad thought, and I hope NEST and auto-enrolment work well enough to at least make this a matter of choice rather than necessity.

However, this research didn’t really take this scenario to the next logical step. Assuming the so-called ‘Wearies’ (Working, Entrepreneurial and Active Retirees) become a feature of society in the next decade, there are knock-on effects that haven’t been mentioned. Many people my age are grateful to their parents for much needed support as we make those big commitments that dominate life: mortgages, marriage and children being the obvious examples. This support may not even be financial. Childcare costs are crippling for many families, and retired parents providing an alternative to professional childcare provision allows many people my age to save on those costs, making a return to work financially beneficial.

If retirees are otherwise occupied trying to make ends meet for themselves, then their capacity to provide such support will be greatly reduced.  So perhaps it’s time those of us with 30 or 40 years of work ahead of us should consider that we have time in which we can save enough for our retirement.  Our parents don’t have that time, so maybe we should follow the example of the ‘Wearies’ and keep a more open mind about making ends meet. After all they’re going to face enough of a struggle as they retire, without us being an additional drain on them.

Rob Hart, Client Training and Support Consultant, Friends Life