Nearly a third (29%) of retirees say they are considering a return to paid work as living costs rise, according to a poll.
The survey of 1,000 people by digital recruiter Indeed Flex has also found more than half (56%) of Britons aged over 55 say their ability to save for retirement has been affected by rising living costs, while a third (33%) have been forced to delay their retirement.
The health and wellbeing ramifications for both employers and occupational health of significant numbers of older workers either delaying retirement or being forced to return to the workplace could be significant.
The poll also found that almost one in six (15%) over-55s had retired but had now been forced back to work – the majority (53%) because of needing to seek additional income.
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Nearly one in seven (13%) respondents said they now planned to delay retirement by more than five years, while a further 17% saying they would need to hold off retiring for between three and five years.
Worryingly, as many as one in five (20%) over-55s said they only had the state pension to fall back on in retirement and 4% of older people felt they would be unable ever to afford to retire.
Novo Constare, CEO and co-founder of Indeed Flex, said: “As living costs continue to rise in the UK, many retirees on fixed incomes are being forced back to work.
“While some older people choose to return to work for their own reasons, such as greater social interaction and to remain mentally and physically active, others have less of a choice.
“Retirees who only have a state pension to live on or perhaps a small workplace or private pension, are the most likely to have to go back to paid work when their outgoings increase,” he added.
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