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Two-thirds of those planning to retire this year will work part-time to keep up with the rising cost of living

Posted on 06th April 2022 in Probate & Wills, Later Life Planning

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive
Two-thirds of those planning to retire this year will work part-time to keep up with the rising cost of living

Abrdn have surveyed 2,000 of Brits and the results show that instead of retiring, many of us are considering part-time work with two-thirds (66%) planning to remain in some form of employment in 2022 compared to 56% in 2021 and 34% in 2020.

“Flexi-retirement” will now see a quarter (24%) of those surveyed planning to work part-time, whereas one in six (15%) will continue to work for their own business, and just over one in ten (12%) plan to launch a new business.

31% of those surveyed said they are considering a flexi-retirement lifestyle because they will rely on the income, and 32% said it would keep them busy. The research found that only a quarter (25%) of this year’s retirees feel very confident they have saved enough to fund their retirement – compared to nearly a third (30%) of 2021 respondents.

Abrdn commented that gone are the days when everyone had a set date or a set age from which they would never work again due to the impact of rising inflation on retirement income.

Only one-third had taken any financial advice however, and just a quarter were aware of the potential tax implications around dipping into pensions while still working.

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