Two thirds of people due to retire in 2022 to continue working
The number is up due to the cost of living crisis
Two thirds of people expecting to retire this year have said they are not going to be laying down their tools, according to new research.
Figures from the investments and weight management company Abrdn found that of the 2,000 people surveyed, 1,334 people said they would not be looking to fully give up work.
This number is up from just over 56% on 2021 figures and significantly higher than 2020 stats, which showed that just 34% of people due to retire would continue working.
As well as this, the report found that a third of people who had retired in 2021 had either joined or were planning to join the "gig economy", picking up shifts if and when it suits them.
In addition, 31% of people surveyed said they would have a phased retirement in order to maintain the income from work, as well as benefitting from the busy lifestyle.
However, only 500 people who were asked about the repercussions of dipping into their pension fund actually knew about the effect it has on how they are taxed.
It comes as the cost of living crisis continues to bite into people's wages, salaries and pensions, making it harder to make ends meet.
Speaking at the release of the figures, Client Director at Abrdn Colin Dyer said that there is a shift in how people work in the new economy.
"Gone are the days when everyone had a set date or a set age from which they'll never work again," he said.
"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.
"Hearing why retirees are choosing to work really underlines the importance of taking a holistic approach to retirement and how sensitive plans can be to external issues, such as the surge in the cost of living or the pandemic."
Mr Dyer added that because so few people are preparing for their futures and pensions, and that due to the rising cost of living, the lack of investment "could put them in an incredibly vulnerable position" later on in life.