- 1.65 million retirees aged 55 and over are continuing to work part-time (which includes voluntary work)
- 44% (or 721,000 people) are working part-time to supplement their retirement income
- Each retiree working part-time does so on average 5 1/2 hours a week
New research from MGM Advantage, the retirement income specialist, shows that many retirees are working part-time well into retirement to supplement their retirement income. Although many of these retirees acknowledge they work part-time because they want to do something with their time (21%) or do it for social interaction (31%), nearly half of retired part-time workers are working into retirement to supplement their retirement income (44%).
The entrepreneurial spirit is alive and well as 6% of these retirees are running their own business, 5% are acting in the capacity of a non-executive director.
On average each of these retirees is working over five hours a week. But this masks a large range of hours typically spent working. Many of them are working 1-2 hours a week (38%), 3-5 hours a week (29%) while a further 33% are working over 6 hours a week.
Aston Goodey, MGM Advantage, said: "With people living longer, the experience of retirement is changing dramatically. There are significant numbers of people who now no longer fully retire at a set date and are looking at alternative working patterns, sometimes part-time work or non-executive directorships and consultancy.
"What is worrying is that for many people retirement is a part-time pursuit because they need to continue working to supplement their income."
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