More than half of people retiring in 2021 ‘will not give up work completely’

Vicky Shaw, PA Personal Finance Correspondent

More than half (56%) of people retiring in 2021 do not plan to give up work completely, a survey has found.

Some plan to go part-time, while others plan to volunteer or start their own business, according to the “class of 2021” report from Standard Life Aberdeen.

The report also surveyed people who retired in 2020.

A third (34%) of these people had decided to continue working to some degree.

A further one in five (21%) were considering returning to work part-time having stopped working, while 2% were mulling going back to work full-time.

Despite the coronavirus pandemic and some wishes to return to work already, seven in 10 (70%) of those who retired last year said they were happy with their decision.

John Tait, retirement advice specialist at Standard Life Aberdeen, 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.”

Some 2,000 people across the UK who retired in the past year or who were due to retire this year were surveyed.