‘Only grandchildren will stop me working’: why millions of over-50s are part-time retiring

The conventional path to retirement had traditionally been a stark transition, with workers going directly from full-time employment to complete retirement with no part-time or flexible work involved.

This was Alan Roxburgh’s plan. He had always intended to retire at 60: “I began working straight after finishing my A-Levels, so I thought forty years seemed a fair amount of time,” he says.

Many people are re-evaluating their plans for retiring. And never has it been more expected or necessary to keep working, because not only is it desirable, but it's also required.

Roxburgh, a risk assessor at the insurance company Zurich, started contributing to a pension plan at the age of 21 and also included his bonuses in the payments.

"I suppose it's down to my Scottish upbringing and my profession that I've always been mindful of setting aside some funds for the future," he says.

In fact, the circumstances were supposed to leave no option but for him to retire at 60, but ultimately, he still didn't feel prepared to make that step straight away.

He wished to avoid continuing at a stagnant rate of progress.

“Zurich was a really vibrant and great place to work, and I'd had three promotions in 12 years, but I was finding it physically and exhaustingly demanding,” he says.

Individuals can also find a healthy balance by allocating their time wisely, prioritising their physical and mental well-being or nurturing their interests and passions.

Approximately 3.6 million people in their 50s are retaining a part-time job while easing into their retirement. This marks a 26% increase over the last decade, with a more significant rise of 56% since 2003, according to a study of statistics from the Office for National Statistics conducted by Rest Less, a website catering to the over-50s demographic.

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Research by insurance company Phoenix Group revealed that four in ten individuals anticipate retirement becoming a continuum, where people continue working beyond traditional retirement age over the next quarter century, while only a small minority, under one in seven, believe retirement will be a definite end point.

“30 years ago, there has been a significant rise in people living longer healthier lives,” says Stuart Lewis of Rest Less. “This means people now see an extra five years of healthy living and no longer wish to retire to a life of leisure with their slippers on.”

‘I feel very fortunate to be able to do a job that I'm passionate about’

Roxburgh had a conversation with his manager about wanting to make a change and they agreed that he would take a six-month period of unpaid leave, during which he would have more flexible working arrangements upon his return. He used the time off to relax - playing tennis and golf, immersing himself in learning the French language, and carrying out various gardening projects at both home and at his brother's house in southwestern France.

He and his manager agreed on a work schedule allowing six days of work a month. He used his broad expertise to work on a project-by-project basis over that time.

Now 62, Roxburgh commutes into the City from Romford every Wednesday, and splits his remaining days between the office and home. He's not yet relying on his private pension, opting instead to supplement his salary with his own savings.

As a part-time worker, Zurich contributes to his pension on a prorated basis and offers private healthcare, although he notes that this is a relatively uncommon arrangement.

He feels very fortunate to have had a chance to take a break and is now doing something he's passionate about with a fantastic team.

Working in this manner can be a demanding challenge, but attending the office is essential.

It's really vital that you participate actively within the team, not to validate your position, but to contribute your expertise. It's quite easy to overlook a considerable amount in the four days that you aren't present.

He claims that taking it easier and working fewer days has helped him gain clarity on how to carry out his job more effectively.

We're all putting in an enormous amount of effort, working at a very high intensity, but occasionally, it's essential to take a step back.

His way of doing things is different to that of his friends – although some are thinking about asking for more flexibility in their working hours.

“Quite frankly, I'm mindful that my time in the role will soon be coming to an end, and I'll need to respect my supervisor's recommendations when it's time to step down permanently and perhaps look at pursuing something like chess in retirement,” Roxburgh says, pointing out that by the time he's 65 – just three years away – will be his official retirement age.

Flexible working has grown in prominence in the world of work since the pandemic, with businesses discovering that providing it leads to a positive impact on their employee retention and recruitment efforts.

Research conducted by the Chartered Institute of Personnel and Development revealed that 39 per cent of companies included flexible working from the outset of employment in 2023, which was a higher figure than the 36 per cent recorded in 2021.

Further data from the Phoenix Group reveals that nearly three quarters of people over the age of fifty are looking for work arrangements that offer flexibility, with thirty-four percent of them stating that they wish to balance their work with caregiving duties and have more time for personal matters.

‘As long as I continue to take pleasure in my work, I will continue doing it.’

Krysia Chrzanowska has split her career into a combination of part-time and flexible jobs since becoming a mother over 30 years ago. Despite the variety of roles she has undertaken, she finds it hard to imagine working any other way.

They are employed part-time at the local arts centre café, and lead preschool nature activities and adult foraging classes, a total of two-and-a-half days each week.

"It's a bit of a balancing act, to be honest, but I don't see myself giving up work as long as I find it enjoyable," she says.

This unique mix of freelance work allows her to have a flexible schedule, making it easy for her to take things easy at the right time. Her sister's recent retirement has led her to reassess her own plans.

I'm not sure it will be possible within the next twelve months, but once the grandchildren arrive, I would definitely be seeking alternative childcare arrangements.

August is the quietest month for her, as most tasks and work slow down significantly when families go on their summer holidays and organisations she collaborates with also take their annual break.

My job is adaptable and is influenced by the seasons, with the period leading up to Christmas being particularly hectic, but I'm able to manage the quiet spell in August as I've planned for it and relied on the savings I've accumulated over previous months.

He's got "an excellent quality of life", but is concerned about his finances.

Unforeseen expenses are a concern," she says. "For instance, I am worried about what will happen when my vehicle needs replacing – it is nearly 20 years old.

Pension specialists are increasingly worried about people struggling to cover their basic expenses once they retire. The number of individuals not equipped to afford even a modest retirement lifestyle has jumped from 35% to 38% over the past year.

An evening out at a restaurant or café about two times a month and engagement in inexpensive recreational activities two times a month.

Those nearing retirement, specifically people aged 60 to 64, are most at risk of struggling to cover their essential living costs. According to Lewis, this age group is the least well-prepared for retirement, as they did not benefit from automatic workplace pension enrolling.

Members of this group tend to have significant assets, but unfortunately, their retirement savings are often rather meagre.

Experts advise that, by the time you retire, you should have accumulated savings equivalent to ten times your average lifetime salary in a pension fund. Regrettably, a study by investment firm Abdrn revealed that individuals aged 54 to 64 have on average only saved approximately three point eight times their salary into their pension - a significant deficiency.

'There's a flexibility to my work life that I've structured in accordance with my own preferences.'

Employees in their sixties are willing to adopt flexible working arrangements, notes Lewis, "but often feel intimidated to request reduced hours or part-time employment out of fear that their commitment to their job may be called into question. Likewise, employers refrain from even suggesting such options, lest they avoid appearing discriminatory."

Many people find themselves unable to move forward due to this shared sense of uncertainty.

"It basically comes down to having trust in your line manager and the company – many people are often surprised by how open their employers are to flexible working arrangements," adds Lewis.

Towards the latter part of her 30-year career in the advertising industry, Gillian Barclay became highly skilled

I used to make the lengthy 40-mile commute from Dundee to Glasgow, taking up at least three hours of my daily routine," she explains. "Around a decade ago, I requested to work from home and was the first person in the company to do so, later becoming the first to adopt a part-time schedule.

Despite arrangements for more flexible working hours, the pressures of her job still had a negative impact. With plans to take time off in January 2023 to recover from knee replacement surgery, a company merger unexpectedly forced her to reapply for her position, and she had to compete with some of her longtime, respected colleagues for the job.

She turned down the job interview and ultimately declined the position that was subsequently offered.

"It brought home to me just how brutal the industry is, and I thought, I simply don't want this life for myself anymore," the 61-year-old says.

She also juggles a demanding schedule as a seasoned trustee of a charitable organisation, and is involved in property development projects – which currently include a rural farmhouse in Andalusia and a historic police station in Dundee.

In my younger days, I was willing to tolerate difficult situations just to cling to a job that I thought I couldn't afford to lose because I was a single breadwinner, but now, I've made it a priority to design my work life around things that genuinely bring me satisfaction.

Barclay is unable to imagine a future where she works at all, as long as she remains in good health. Her state-funded pension is insufficient, and therefore she will be reliant on her properties. She is now about to begin a new role created specifically for her by the Scottish Huntington's Association.

We'll just keep going with the houses and putting the money away, you know?" she says. "It's lovely to think I might be able to leave a bit something for my kids. I'm not letting it get me down, I've got plenty of time to be worrying about it; none of us know how long we've got left, so we've got to try and make the most of it.

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