Research from Legal & General has revealed that 2.8 million UK over 50s (11% = 2,733,5601[1]) have returned to work after being previously retired. However, only 3% plan to or are considering returning to full-time work. Most, who have not previously returned to work after retiring, will pursue either part-time or seasonal work (14%).
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A third of returner workers (37%) found they needed a greater income following rising living costs. 62% want to stay mentally active and 32% want to return to work to give them a sense of purpose. However, returner workers face challenges: 24% experience tiredness, 22% lost out on free time and 17% found a change in working culture led to difficulty.
Lorna Shah, Managing Director, Retail Retirement and CEO of Legal and General Home Finance: “Rising living costs are driving people back to work to top up their income as the pressure is on to make their money go further. But as our research indicates, people are not returning to full-time roles so they will likely be topping up the money they make from work with some form of income from their pension pot.
“At Legal & General, we saw sales of fixed-term annuities, which pay a guaranteed retirement income for a selected period of time, more than double last year as customers sought the benefits of a predictable and flexible retirement income. Fixed-term annuities are often used in this way as a bridging option for those looking to boost their finances, while still receiving some form of income from work.”
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