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

Landbay lowers core buy-to-let rates and raises loan limits to £1.5m

Landbay has cut rates by 20 basis points (bps) across selected products in its...

Accord raises buy-to-let maximum loan sizes to £1.5m

Accord has increased the maximum loan size across parts of its buy-to-let range, in...

FCA and PRA ease SM&CR rules in move to cut compliance burden

The Financial Conduct Authority and Prudential Regulation Authority have set out the first stage...

The Saffron broadens criteria across buy-to-let, self-build and residential lending

Saffron for Intermediaries has widened criteria across its buy-to-let, self-build and residential mortgage ranges...

Brokers report rising caution among borrowers as remortgaging picks up

Mortgage brokers are seeing more remortgage activity, but say geopolitical uncertainty, cost of living...

Latest publication

Other news

Landbay lowers core buy-to-let rates and raises loan limits to £1.5m

Landbay has cut rates by 20 basis points (bps) across selected products in its...

Foundation adds large HMO and short-term let products as fixed rates fall

Foundation Home Loans has launched new buy-to-let products for large HMOs and short-term lets,...

Accord raises buy-to-let maximum loan sizes to £1.5m

Accord has increased the maximum loan size across parts of its buy-to-let range, in...