A new report reveals many UK pensioners are returning to work due to financial strain, highlighting a growing retirement crisis.
Birmingham: State pensioners are facing a tough situation. Many are returning to work due to a “retirement crisis.” Recent statistics show that more elderly people are looking for jobs.
The Department for Work and Pensions (DWP) warns that state pension rates are not enough. Almost one in ten UK residents over 55 are either back at work or searching for jobs. Financial needs are driving this trend.
Among those who returned to work, over a quarter say their pension isn’t enough for a decent life. A third blame rising living costs for their situation.
Mike Ambery from Standard Life says recent retirees didn’t expect the cost-of-living issues. Many are now rethinking their retirement plans.
Catherine Foot from Phoenix Insights points out that older workers face challenges. There aren’t enough good, flexible job opportunities for them.
She stresses the need to support pre-retirees. Being out of work before the state pension age can lead to poverty. It’s crucial for the government and employers to help this group stay employed.
Emily Andrews from the Centre for Ageing Better shares insights on the trend of over-50s returning to work. She believes it’s partly due to the cost of living crisis.
She notes that the number of workers aged 50-64 has grown in recent years. However, the Covid-19 pandemic and the current crisis have disrupted this trend.
