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

HSBC UK passes £500m milestone in broker-led SME lending

HSBC UK has more than doubled its broker-originated SME lending this year, passing the...

Nearly half of lenders admit servicing teams are unprepared for rising borrower pressures

Lenders’ own servicing teams are not ready to support borrowers as economic conditions worsen,...

Just Mortgages appoints Joe Cavalier to lead estate agency division

Just Mortgages has expanded its estate agency division with the appointment of Joe Cavalier...

Majority of brokers critical of “turbulent” run-up to 2025 Budget, lender claims

The run-up to the 2025 Budget was described as “chaos” by most brokers surveyed...

Later life borrowing rises as older buyers turn to mortgages in greater numbers

UK Finance’s latest later life mortgage lending update for Q3 2025 suggests that borrowing...

Latest publication

Other news

HSBC UK passes £500m milestone in broker-led SME lending

HSBC UK has more than doubled its broker-originated SME lending this year, passing the...

Q&A: Mark Tosetti, CAL

Mortgage Soup fires the questions at Mark Tosetti, CEO of CAL and director of...

Nearly half of lenders admit servicing teams are unprepared for rising borrower pressures

Lenders’ own servicing teams are not ready to support borrowers as economic conditions worsen,...