More than half (56 per cent) of people who are retiring in 2021 do not plan on giving up work completely, according to new research from Standard Life Aberdeen.

The firm’s Class of 2021 report, which included a survey of people retiring this year, found that just over a quarter (27 per cent) of the year’s retirees planned to go part-time rather than leave employment altogether, one in five (19 per cent) will dedicate time to volunteering and just over one in 20 (6 per cent) wanted to start their own business.

Standard Life Aberdeen retirement advice specialist, John Tait, said: “What it means to retire has been evolving for some time now. Long gone are the days of everyone having a set date or a set age from which they’ll never work again.

“Instead 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.”

These figures are higher than among those who retired in 2020, amidst the height of the pandemic, with just over a third (34 per cent) of last year’s retirees deciding to continue working to some degree.

The firm, which recently confirmed a planned name change to Abrdn, also found that one fifth (21 per cent) of the retirees from last year said they were now considering returning to work part-time, while two per cent were considering going back to work full time.

Seven in 10 (70 per cent) of last year’s retirees said they were happy with their decision, but 14 per cent stated that going part-time first would have made them more confident in their first 12 months of retirement.

Tait commented: “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.”

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