More than one in ten (11 per cent) people who had retired have since gone back to work, while a further 4 per cent are planning to go back to work, research from Investec Wealth & Investment has revealed.

The cost-of-living crisis amid rising inflation and energy bills was the main motivator for working again, with 29 per cent stating that they are going back because of the cost of living, while a further 26 per cent said they want a new challenge.

This also follows previous research from Investec Wealth & Investment, which showed that 24 per cent of people have had to delay their retirement plans, with around 670,000 people aged 50-55 putting their plans to stop work back by five years or more.

In particular, nearly one in five (18 per cent) said that they expect to work past the age of 70, while around 7 per cent, representing around 400,000 savers, never expect to retire.

The cost-of-living crisis was again cited as the main reason for this, as 75 per cent of respondents blamed the rising cost of living, while around one in three (32 per cent) said their pension and investments have dropped in value because of stock market volatility.

In light of the findings, Investec Wealth & Investment emphasised the need for those planning for retirement to review their finances so they have certainty over their retirement income and can enjoy the retirement they want.

Investec Wealth & Investment chartered financial planning director, Faye Church, commented: “The government and employers are keen to see the over-50s and older return to work to help ease shortages in a wide range of sectors so there is clearly demand for older workers, and we see many clients wanting to continue working well into their 60s and 70s.

“We would advise people planning to retire to prepare carefully. If you are planning to retire,
or even to semi-retire, it is important to make sure you have adequate funds to support that.

"By taking financial planning advice you can assess when, and on what basis, you may be able to stop work and, if this is not achievable, what steps you need to take to make it happen. It is never too early to start planning for retirement.”

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