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Working in Retirement

The days in which an individual reached a certain age and instantly stepped back from the working population have gone for good. Pension reforms introduced in recent years have brought a flexibility to the retirement pot, enabling people to phase in retirement or even blend retirement alongside a working life.

Now research from Standard Life has revealed that nearly one in ten retirees aged over 55 have returned to the workplace with a further 6% considering making the move. Sadly, money issues seemed to be the main driver for some with 34% citing increased living costs and 27% saying that they found their pension was not sufficient to meet their anticipated living standards. On the other hand, 38% decided to return to the workplace because they were bored at home, with 20% saying that they found retirement too lonely.

Standard Life retirement savings director Mike Ambery commented that “given these financial and social issues many people may benefit from gradually easing into retirement, by reducing working hours before stopping completely.” He added that “This can also help people to continue to build pension savings.”

If you are looking for advice on pensions or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.