The Covid pandemic is forcing more people to look at flexible retirement options, according to research from Standard Life Aberdeen.
This ‘Class of 21’ report found that more than half (55 per cent) of those planning to retire this year, will not give up work completely. A total of one in four (27 per cent) plan to wok part-time, one in five (19 per cent) will dedicate time to volunteering, and just over one in twenty (6 per cent) want to set up their own business.
Standard Life Aberdeen retirement advice specialist John Tait says: “What it means to retire has been evolving for some time now. There is a noticeably growing trend towards flexi-retirement and continuing to work. Whether that be a financial decision, or an emotional one, how you choose to retire will entirely depend on what is right for you.”
This report also sought views from those who had retired last year, during the pandemic. It found that a third (34 per cent) of 2020 retirees had continued working to some degree in retirement.
A further one in five (21 per cent) are now considering returning to work part-time having stopped working, while a very small number (2 per cent) are considering going back to work full time.
Of these new retirees, 14 per cent said working part-time initially would have made them more confident in their first 12 months of retirement.
Despite the pandemic and some wishes to return to work already, overall, those who retired in 2020 are glad they did, with seven out of 10 respondents (70 per cent) happy with their decision.
Tait adds: “The pandemic has clearly only further fuelled this flexi-retirement trend – with our research showing that more of the Class of 2021 are planning to carry on working to some degree compared to 2020 retirees. Meanwhile, some of last year’s retirees are already contemplating returning to work.
“Retiring amidst a pandemic wouldn’t have been what last year’s retirees had planned for, and perhaps going back to work was made more appealing given the lockdown restrictions. However, with restrictions now gradually lifting, many will be gearing up to start enjoying the retirement they had planned for. Whether that be travelling the world, spending more time with the family, or continuing to work part-time.”
