One in five over-65 workers 'boomeranged back into work after trying to retire'

Nearly one in five workers aged over 65 have tried to retire in the past but then boomeranged back into a job, a survey has found.

Some 18% of over-65 workers have gone back to work after previously deciding to give it up, according to research from the Post Office.

The desire to get back into a routine and to top up their income were among the motivations for returning to work, the research found.

Chrysanthy Pispinis, director, Post Office Money, said: "Our findings demonstrate that the role retirement plays in people's ambitions and goals for life is changing.

"While some people may need to remain in work for the income, we've seen that many actually enjoy working and the sense of purpose work provides."

The survey found many people believe the traditional idea of retirement, where someone gives up work for good in one leap, no longer exists.

Nearly half (46%) of those aged 65 and over believe that modern retirement is about redefining how work fits into life rather than stopping work completely.

The research found 58% of people think work is linked to status in wider society and the same proportion (58%) believe work determines how people are perceived by others.

Three-fifths (59%) believe the routine provided by employment gives a "sense of purpose".

Over-65s have an average income of around £20,000 a year and an additional buffer in the form of combined assets totalling £47,000 on average, the research found.

The need to support other family members has also had an impact on retirement plans, with more than a quarter (26%) of over-65s saying they have provided significant financial help to younger family members.

Post Office recently launched a new mortgage called Retirement Link for people who want to borrow into their retirement.

More than 2,000 people aged over 50 were surveyed, including over 1,000 over-65s.