Shy and (un)retiring
The current economic climate is leading to all kinds of unusual phenomena. From the continuation of work from home to the adoption of hybrid working models, people are changing their lifestyles and working life routines in a multitude of ways. One aspect is that people are continuing to work beyond their retiring age – but also some are coming back into the workplace, having already retired. This can be for many reasons, from financial necessity to personal choice. However, ‘unretirement’ is an undeniable trend that is worth looking at.
Uncertainty and finances
Research from the Office for National Statistics has revealed that there are now more people aged 50 and over in work – or actively looking for work – than since just prior to the pandemic. This is driven by a number of key factors that are affecting everyone, in one degree or another. These new findings identify upwardly spiralling inflation, volatile financial markets and the soaring cost of living as leading to the ‘great unretirement’.
Some of the statistics are telling. Of the increase of 116,000 over-50s working or looking for work in the past year, more than half of them were men aged over 65. This is an increase of 8.5%. This research also showed that 37,000 more women over 65 were also now in work or looking for work. Experts deem this increase is being driven by former retirees returning to work, rather than people working longer.
Volatile financial markets are said to be creating significant fear and uncertainty in people’s perceptions of their future retirement income. Any kind of pension pot can be affected by all kinds of factors and in some instances, if there have been financial difficulties with the business, or any kind of personal fallings-out (such as divorce), this can have a big impact on savings, assets and pension arrangements.
Wellbeing and benefits
In addition to the obvious financial benefits, there are of course a variety of positive impacts on a worker’s wellbeing by continuing to work. For many the void or retirement simply isn’t for them. Working can provide a sense of purpose and direction, of motivation and routine – not to mention exercise, both mental and physical, depending on the role. The social aspect is very important to many people too.
The ‘great unretirement’ also keys into some important aspects of Career Evolution’s vocation. We work a great deal with people who are getting work-ready and getting used to entering (or re-entering) the jobs market or workplace once more. We guide our clients on using networks and keeping up-to-date on developments in their sectors. It’s always worth subscribing to newsletters, or retaining links to your sectors via networking or even socialising, just to keep up to speed on any new legislation or technological developments. In this way, it won’t be such as shock when you re-enter the working environment.
With the jobs market becoming particularly competitive, it’s more important than ever to gain an edge. By continuing to keep in touch with your network and being creative and flexible about what a career might look like, it will ensure that you are prepared – should you want to ‘unretire’ yourself and enter the world of work once more.
Speak to our team if you are in need of our services.
