RETIREMENT was an ambition many worked towards.

There are many advantages to being retired. Life isn’t lived so routinely, you can pack your days with things you want to do and plan holidays to see places you may have always wanted to visit.

But for some the loss of that routine can impact on their lives. Some may feel they have lost their purpose, particularly when their families have also flown the nest.

Continuing to work is something many actually want to do and there are many benefits to carrying on with your career.

As well as the financial incentives, there is the camaraderie with work colleagues and the many experiences the workplace can bring. It keeps you busy and, what is particularly important when you are getting older, is keeping mentally and physically active.

So the findings of a new study that more people are working beyond retirement age than every before simply because they enjoy it is certainly no surprise.

The research by insurance group LV= found that almost nine out of 10 people over 65 were happy to be in a job, with only one in 10 feeling they have to work for the money.

The survey of 1,500 people also discovered that one in seven were phasing their retirement by reducing their hours rather than stopping straight away.

However, there is another school of thought too. Pension predictions may not be as expected and for those who haven’t managed to put sufficient away for their retirement, carrying on with their careers could be a case of need and necessity than pleasure.

John Perks of LV= said: “Many people are staying active and remaining at work because they want to, but with large numbers approaching retirement worried they won’t have enough saved, there is a risk that the next generation of ‘grey collar workers’ will have to work out of necessity.

“The pension freedoms have given older workers more flexibility to choose the type of retirement they want, and how they fund it, but with more choices than ever before it’s important to plan both before and at retirement.”

Bradford businesswoman Terry King, who was awarded the OBE for her 20-year career as a top project manager in the Department for Work and Pensions, is using her previous experience working in the mature enterprise sector to support the needs and aspirations of older people through Chapter 3 Enterprise, a community interest company she and her partners are busy developing.

The 63-year-old isn’t surprised by the findings of the research as she says with people living longer there is much more time to fill and work can bring many benefits.

“People are living a lot longer and there is a realisation you still have a lot of life left and how do you fill that time?” questions Terry.

“It is a lot of time to be on holiday and where do you get your structure from, your time?”

Visiting dream holiday destinations and leisure pursuits costs money, but those who retire may find, financially, they cannot afford to do as much as they would like.

“The other thing I find is it’s like you have cut off almost a third of your social circle. You have a massive social circle to do with work, people you would not have met because you don’t live near them,” says Terry.

Gradually reducing their hours, or days, may be a consideration for the ready-to-retire.

She also believes those considering retiring may benefit from gradually reducing their hours or days within the workplace.

Terry says reducing their working days gradually gives them time to explore other pastimes and pursuits to fill in those extra days when they won’t be in the workplace. “That is the time to see whether you can build up things you like doing, time to do more hobbies, time to be a bit more reflective and it is good for employers.”

However, Terry also believes that the cost of leisure pursuits, and filling that time out of work, may make it more of a necessity for people to continue working beyond retirement.

“I think the necessity element will grow and I think a lot more will be in that position. What we really need is employers to start offering their older workers more flexibility, you get somebody who is more engaged and more productive and people who are still working are a lot healthier, happier and more intellectually engaged,” concludes Terry.