Hundreds of thousands of retirees across Britain are considering a return to the workplace because of the cost of living crisis, according to a new report by My Pension Expert. It asked 2,000 people who had reached state pension age and were at least 66-years-old how they were planning to make ends meet after inflation hit a 40-year-high and six percent said they were likely to seek employment to help pay energy bills.
Some 12.2 million Britons have retired after reaching state pension age but a new study has found that six percent of them may soon be looking for work.
If the sample of those asked is representative of the general population it could mean 730,000 retirees will be looking for work in the next month.
Andrew Meson, executive chairman at My Pension Expert, said: “As the cost-of-living crisis bites harder, we’re seeing a worrying spike in ‘unretirement’.
“It’s a hugely important issue – after working and saving for decades, having to re-enter the workforce will be a bitter blow to many retirees.”
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He continued: “The reality is that many people’s pension pots are losing value in real-terms amid sky-high inflation.
“And as such, their hard-earned retirement funds won’t stretch as far or sustain the same lifestyle.”
Soaring inflation and rising prices are putting a real strain on everyone’s budgets, with pensioners one of the groups worst hit by the cost of living.
Colin Dyer, Client Director at abrdn, said: “Amid rising inflation, the amount of spare cash people have left over at the end of each month is likely shrinking at some rate.”
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My Dyer added: “That’s why it is more important than ever for people to plan ahead and consider ways to mitigate the impact of inflation on their finances.
“This will be particularly key for those relying on cash savings, like retirees, as they will be seeing those savings lose real term value as inflation increases.”
While many could be forced back to work some may choose to take on a different career than previously.
Retired journalist and broadcaster David Poyser now takes people on tours of London and loves his new role and earns up to £290 a day.
Pensioners in their 60s and 70s are testing out new ways to “semi-retire” with many saying homesitting is a great way to earn up to £300 a month extra while still having time to unwind.
A gran from Reading told Express.co.uk she is earning up to £250 a day after taking early retirement and having a blast.
Carolynne Selway told Express.co.uk: “You can earn £200 to £250 per day depending on your costume, what time you have to be there and travel – all of this.
“It’s not bad money for dressing up – it gets you out there doing things that you probably wouldn’t do in real life.”
10 side hustle ideas for pensioners:
- TV and film extra – Up to £250 a day
- Rent out your car – Around £550 a month
- Tour Guide – Up to £300 a day
- Granfluencer – 73-year-old Lynn Davis (@cookingwithlynja) earns £7,567 from sponsored TikTok posts
- Skillshare – It’s possible to earn more than £500 a month
- TaskRabbit – Bid on tasks like DIY to earn over £500 a month
- Direct selling – On average people earn an extra £500
- Blogger – Earn up to £500 a month
- Craftpreneur – Earn up to £500
- Market research – £50 an hour.
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