New research has revealed that a number of UK pensioners are turning to their hobbies in a bid to make extra cash come retirement.
Around a third of UK pensioners have left their jobs at the retirement age, only to find that their UK pension is insufficient to maintain a comfy post-work life.
To combat this they are taking other jobs, jobs that are in some cases born out of their own hobbies or interests, such as part time teaching or local shop work, the report by Aviva states.
Aviva director, Clive Bolton, said: “When you consider that for a savings pot of £15,262, you would get an annual gross income of just £151 from a standard branch-based notice account, you can understand why many over 55s are very worried about their finances. As a result we are seeing the rise of down-shifting whereby people continue to be economically active and gain benefits of employment.”
With the abolition of the default retirement age fast approaching, it is expected that more and more pensioners will continue working when they should actually be enjoying their retirement.
With these factors evident, it is not surprising that more and more elderly Brits are opting for a foreign retirement getaway, and with expat pension options such as QROPS far more attractive than traditional UK options, it is a trend that is likely to continue.