A new ‘flexi-retirement’ trend is emerging with more retirees deciding to work part-time or in the gig economy, according to a new report launched today from abrdn. Two thirds (66%) of people retiring in 2022 don’t plan on giving up work completely. This compares to just over half (56%) of those who retired in 2021 and a third (34%) of 2020 retirees.
In its second ‘Class of’ report, surveying 2,000 UK adults, abrdn reveals how the Class of 2022 plan to spend their time and money in retirement. The report also identifies how prepared they are for what’s to come and how factors such as the rising cost of living and the pandemic are affecting their plans. When it comes to their work plans, there is a significant trend towards ‘flexi-retirement’. A quarter (24%) of the Class of 2022 will go part time with either the same job or a new one, one in six (15%) will continue to work for their own business, and just over one in ten (12%) plan to become entrepreneurs and start their own business.
The main reasons cited for ‘flexi-retirement’ include needing the income (31%) and wanting to keep busy (32%). Colin Dyer, Client Director at abrdn Financial Planning, said: “Gone are the days when everyone had a set date or a set age from which they’ll never work again. The emerging trend for ‘flexi-retirement’ for financial reasons, or just to keep busy, is here to stay. The Class of 2022 are challenging the norms and doing what works for them.
