In recent years, many of those older than 50 felt the pinch as prices increased in the UK. Some people have no choice but to return to work.
A new study shows that an astonishing 2.8 million people over 50 have returned to work, despite the fact that only 3% had ever planned or considered this option.
Insufficient retirement income
According to research by Legal and General, over a third of people (37%) who returned to work did so to earn more money in retirement due to increasing living costs.
Despite the fact that this drives people back to work in order to boost their income, many are not returning to full-time jobs. They are choosing to work part-time, or in seasonal jobs, as a way to boost their finances later on.
Mental health and emotional well-being
Retirement can lead to feelings such as isolation and loss of identity. This is especially true for people who have been deeply involved in their career. The return to work provides social interaction, intellectual stimulation, and a routine that contributes to our well-being.
Research shows that 62% of returning workers want to remain mentally engaged and 32% are looking to find a sense of purpose in their work.
Alternatives for returning to work after retirement
Retirement isn’t your only option if you are worried about finances. Here are alternatives that could provide the funds needed without forcing you to return to work.
Equity release allows homeowners over 55 to unlock a portion of the value of their homes while still living in them, and without having to make any monthly payments. You’ll also need to take into account the potential drawbacks, such as how your plan may reduce the value of your estate. This is why it is important to speak to an expert before making any decisions. For Equity Release Solicitors Near Me, visit tivoli.legal/equity-release-solicitors-near-me
Downsizing
Moving to a smaller home or to a cheaper area is one way to downsize. It can help you free up equity in your home, and lower your monthly living costs, including mortgage payments, utility bills, and maintenance.