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

Later-life mortgage lending rises as advisers face calls to widen options

Mortgage lending to borrowers aged over 55 increased in the second quarter, although the...

Newcastle raises new-build Affordability Boost limit to 95% LTV

Newcastle for Intermediaries has extended its Affordability Boost proposition to eligible new-build purchases at...

Regions share £10bn allocation for 70,000 affordable homes

More than 70,000 social and affordable homes are to be built across six English...

Amanda Bryden appointed to lead Accord Mortgages

Yorkshire Building Society has appointed Amanda Bryden as director of distribution and incoming managing...

TMG backs Rotherham United Women in shirt sponsorship deal

TMG Financial Services has agreed a partnership with Rotherham United Women FC to become...

Latest publication

Other news

Later-life mortgage lending rises as advisers face calls to widen options

Mortgage lending to borrowers aged over 55 increased in the second quarter, although the...

Newcastle raises new-build Affordability Boost limit to 95% LTV

Newcastle for Intermediaries has extended its Affordability Boost proposition to eligible new-build purchases at...

Why the FCA’s Protection Report is a wake-up call and a massive opportunity for advisers

According to Mortgage Advice Bureau, approximately 90% of all mortgages are secured through an...