Do you want to work after you retire?

 A day after labor day in Canada, I thought I would explore the idea of working after retirement. According to a survey of pre-retire's 51% would consider working past retirement aga.

More than one in five (21 per cent) pensioners have gone back to work since they reached the Pension age, or are planning to do so in the future, according to new research from Prudential.

The rise of the retired job seeker, along with the growing trend for a period of pre-retirement as previously identified by Prudential, shows how the modern retirement reality continues to shift further from the traditional norm of giving up work for good on a set date.

The most common motivation for pensioners heading back into the jobs market is a desire to keep mentally active (61 per cent), although the need to boost retirement income 56 per cent) is also driving retirees back to work.

Voluntary work is the choice of around one in six (16 per cent) retirees who are back at work or plan to return in the future – underlining the point that it is not always financial reasons that drive pensioners to seek employment. Even those who are earning are likely to take a pay cut – more than half (51 per cent) say their post retirement wages will be lower than their previous income in employment.

Meanwhile, nearly one in 20 working past Pension age are earning more than they did before, while one in 12 are setting up their own companies.

Prudential has also analyzed ONS data and found that the most likely sectors for those working past State Pension age to find employment in are teaching and education, secretarial jobs and agricultural jobs.

According to the research from Prudential, women who have passed the State Pension age are more likely to have ruled out a return to work, with 51 per cent saying they’re definitely retired compared with 44 per cent of men. So, what are your job options in retirement?

Stick with your current job
You may have hit Pension age, but that doesn’t mean you have to automatically give up your current career. One in 10 people (11%) surveyed who plan to work past state pension age would stay full time in their current jobs.

You could also go part time. More than a quarter of people in the study (27%) who aim to work past state pension age said they would stay in their current job, but reduce their working hours. It’s a chance to gradually shift into retirement mode.

Sign up for voluntary or charitable work    
When working past state pension age, many people may be motivated by reasons other than money. It can be a chance to have a renewed purpose and stay active in your community. Or it could just be because you may miss the routine.

About a quarter of everyone we surveyed (26%) were planning on doing some voluntary or charity work. 

Start your own business    
Retirement can be a time to make your long-held dreams become a reality. That may include starting a new venture. We found that 7 per cent of people surveyed said they would like to set up their own business. You could:

·       Follow your passion and try earning money from your hobby. That’s what 13% of those who plan to work past their state pension age aim to do.

·       Use the skills from your previous career to make and sell a product or sell your services.

·       Learn a new skill to create a product or service.

Whether you set up your own venture, go part time or volunteer, the big benefit is being able to choose how you fit your new working life around the other exciting things on your retirement ‘life list’ that you’d like to do.

It’s also important to think about your future income. This could be from any pensions and savings, as well as your retirement job. Carefully consider your finances, and even talk to your pension provider, so you can find your ideal lifestyle – in work and beyond.


*Research Plus conducted an independent online survey for Prudential between 25 November and 8 December 2015, among 9,318 non-retired UK adults aged 45+, including 1,000 planning to retire in 2016.