Studies have shown that millions of people aged 55 and over will be impacted by the long-term effects of financial insecurity and may believe that they have to continue to work past their State Pension age. Furthermore, many of those aged 55 and over simply do not believe their pension is enough to fund their retirement. It is worth noting that in Switzerland, your Pillar 1 (State) and Pillar 2 (Occupational) Pensions provide approximately 60 to 80% of your last income, with the Pillar 3 being an optional addition to make up the remaining gap.
Numerous over-55s who are not retired also anticipate having to work past their State Pension age due to the increasing cost of living and not adequately saving for retirement. Uncertainty of how long retirement savings will last, or not having made any preparations for retirement at all, are key drivers for working past State Pension age.
Those expecting to work past their State Pension age may also be apprehensive that doing so will mean they cannot enjoy their later years. Health is another major concern, with concerns over health deteriorating as a result of having to continue working being a top focus for many. The questions arising over health also attribute to the ability to remain employed, too. In addition, there is also rising concern about being treated differently (or worse) at work because of age and also worry about not being able to spend enough time with family due to work commitments.
Please note that all content within this article has been prepared for information purposes only. This article does not constitute financial, legal or tax advice.