Pensions - Articles - Retirement is a part-time pursuit for 721,000 retired people


 - 1.65 million retirees aged 55 and over are continuing to work part-time (which includes voluntary work)
 - 44% (or 721,000 people) are working part-time to supplement their retirement income
 - Each retiree working part-time does so on average 5 1/2 hours a week

 New research from MGM Advantage, the retirement income specialist, shows that many retirees are working part-time well into retirement to supplement their retirement income. Although many of these retirees acknowledge they work part-time because they want to do something with their time (21%) or do it for social interaction (31%), nearly half of retired part-time workers are working into retirement to supplement their retirement income (44%).

 The entrepreneurial spirit is alive and well as 6% of these retirees are running their own business, 5% are acting in the capacity of a non-executive director.

 On average each of these retirees is working over five hours a week. But this masks a large range of hours typically spent working. Many of them are working 1-2 hours a week (38%), 3-5 hours a week (29%) while a further 33% are working over 6 hours a week.

 Aston Goodey, MGM Advantage, said: "With people living longer, the experience of retirement is changing dramatically. There are significant numbers of people who now no longer fully retire at a set date and are looking at alternative working patterns, sometimes part-time work or non-executive directorships and consultancy.

 "What is worrying is that for many people retirement is a part-time pursuit because they need to continue working to supplement their income."

Back to Index


Similar News to this Story

TPR extends its oversight to professional trustee firms
A framework for oversight of professional trustees (PTs) will be introduced by The Pensions Regulator (TPR) to protect savers. The PT market has exper
Facilitating DC pension fund investment into private capital
Leaders from the pensions and private capital industries have issued new recommendations on how to facilitate UK DC pensions to invest in private capi
Government plan to allow extraction of cash from pensions
Members of defined benefit (DB) pension schemes fear that Government plans to allow employers to “extract” cash from their schemes put their retiremen

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.