Many retirees working past state pension age
More than 1 in 5 retirees have returned to work after reaching state pension age, according to research by Prudential.
The survey highlights a growing trend of the retired jobseeker, with 21% of respondents looking for work following their retirement. Teaching and education, secretarial jobs and agricultural work are the most common sectors for those who are working past state pension age.
Many of those continuing to work were not motivated by money. Around 1 in 6 (16%) people surveyed were doing voluntary work while 51% said their post-retirement income was lower than before they retired.
The most common reasons for pensioners returning to work were:
- keeping mentally active (61%)
- increase retirement income (59%).
Stan Russell, retirement income expert at Prudential, said:
“Although it’s striking to see how many retirees are choosing to return to work, it’s not optional for some people. While many say that working in older age is a good way of staying active, there are others who are forced to go back to work to make ends meet.
“There are real financial benefits from going back to work, such as earning extra cash and deferring taking the state pension or income from private savings. However, for people who are hoping to give up work completely when they retire, saving as much as possible as early as possible in their working life remains the best way to secure the most comfortable retirement.”
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