Around 2.8 million UK over 50s have returned to work after being previously retired, according to Legal & General.
According to the research, only 3 per cent intend to or are considering returning to full-time employment. Most retirees who have not previously returned to work will seek part-time or seasonal employment (14 per cent).
A significant number of returner workers, around 37 per cent, required a higher wage due to rising living costs.
Furthermore, 62 per cent want to keep their minds busy, and 32 per cent want to have a sense of purpose at work.
Returner workers, on the other hand, confront a number of problems, including 24 per cent fatigue, 22 per cent a lack of free time, and 17 per cent finding that changes in working culture make re-entry difficult.
Legal and General Home Finance managing director, retail retirement and CEO Lorna Shah says: “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.”
