Cost of living crisis forcing retirees to return to work



Older workers forced to ‘unretire’ amid cost-of-living crisis

Almost one tertiary (thirty per cent) of workers over the age of 45 no longer have enough income to comprehend bones living costs, with ane in 10 older workers having no choice only to unretire and return to work to brand ends run across as a result, according to research from Working Wise.

The study, sponsored by Santander Consumer Finance, revealed the touch of the “ever-growing” cost-of-living crisis on older workers, with a “huge” 46 per cent of older workers having to change their retirement plans to fund growing bills.

In add-on to the ten per cent of workers who accept come out of retirement, the survey found that 26 per cent of those who have retired said they may need to return or could be tempted back.

Indeed, while two thirds (66 per cent) of older workers would, in fact, similar to irksome down and reduce their hours, almost half (41 per cent) said they can’t beget to.

If it were a viable option, almost two-thirds (63 per cent) of older workers admitted that they would like to accept early retirement, with the majority (48 per cent) citing job dissatisfaction bug, while 34 per cent would like to retire early for health reasons.

Commenting on the findings, Workingwise spokesperson, Mandy Garner, said: “For many older workers, they are stuck between a stone and a hard place, unable to retire but unable to pay the bills in their current roles.

“If we desire to engage older workers and encourage them to stay in or return to the workplace, nosotros need to understand their needs; flexible working is crucial, largely owing to health bug and caring responsibilities.

“Nosotros need to capeesh older workers, show them nosotros value them and create a working environment that enables them to thrive and keep growing. Otherwise they will bound transport.”

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Source: https://www.pensionsage.com/pa/Older-workers-forced-to-unretire-amid-cost-of-living-crisis.php

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