Almost 3m ex-retirees back to work

Published on

2.8 million of UK over-50s (11% = 2,733,560) have returned to work after being previously retired, according to research from Legal & General.

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%).

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.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Foundation cuts buy-to-let rates and relaxes holiday-let occupancy rules

Foundation has reduced rates on selected buy-to-let mortgages by up to 0.10 percentage points...

FintechOS: Firms have two years to embrace AI or get left behind

Financial services firms have no more than two years to embed artificial intelligence into...

Financial services must move beyond AI experimentation to deliver real returns

Financial services firms risk wasting substantial investment in artificial intelligence unless they fundamentally rethink...

RAW Capital Partners sets new lending record as product range expands

RAW Capital Partners has reported record annual lending volumes for 2026, surpassing its total...

Molo first lender to adopt Rightmove valuation technology through OMS

Molo has become the first lender to use a new integration between One Mortgage...

Latest publication

Other news

Foundation cuts buy-to-let rates and relaxes holiday-let occupancy rules

Foundation has reduced rates on selected buy-to-let mortgages by up to 0.10 percentage points...

FintechOS: Firms have two years to embrace AI or get left behind

Financial services firms have no more than two years to embed artificial intelligence into...

Taking the anxiety out of finance

It’s an anxious time for mortgage borrowers. A recent study by Handelsbanken Wealth found...