The Covid-19 pandemic has given rise to an increase in the number of people opting for ‘flexi-retirement’, according to new research from Standard Life Aberdeen.
In the firm’s Class of 2021 report, more than half (56%) of people planning to retire this year do not plan to give up work completely. One in four (27%) plan to go part-time, while 19% will dedicate time to volunteering and 6% want to set up their own business.
John Tait, retirement advice specialist, Standard Life Aberdeen, said: “What it means to retire has been evolving for some time now. Long gone are the days of everyone having a set data or a set age from which they’ll never work again. Instead, there is a noticeably growing trend towards flexi-retirement and continuing to work.”
Standard Life’s research also surveyed people who retired in 2020 amidst the pandemic. A third (34%) of retirees decided to continue working to some degree, while a further one in five (21%) are now considering returning to work part- time. Meanwhile, 2% said they are considering going back to work full time. However, despite the pandemic, 70% of those who retired said they were happy with their decision.
Tait added: “The pandemic has clearly only further fuelled this flexi-retirement trend, with our research showing that more of the Class of 2021 are planning to carry on working to some degree compared to 2020 retirees. Meanwhile, some of last year’s retirees are already contemplating returning to work.
“Retiring amidst a pandemic wouldn’t have been what last year’s retirees had planned for, and perhaps going back to work was made more appealing given the lockdown restrictions. However, with restrictions now gradually lifting, many will be gearing up to start enjoying the retirement they had planned for. Whether that be travelling the world, spending more time with the family, or continuing to work part-time.”