The latest Prudential retirement index has found that 1.6 million people who have retired have returned to work to increase their income.
Nearly 2 million retired people are in financial difficulty, and over 40% live on less than £10,000 per year. One in ten are living on less than £5,000 per year while one in four live on less than £7,500 per year.
The average retired income is £12,400 per year, and according to the report, thousands have resorted to gambling to boost their retired income.
Two thirds did not take any financial advice before retiring, but the biggest regret among pensioners is not saving more. Over twelve per cent regret neglecting their health, while over eleven per cent regret not standing up to their boss during their career.
The study found that the most common areas for cutting back to improve financial situations are heating and electricity, followed by savings and investments and health and well-being.
Our view
It is odd that many people prefer to return to work when they have huge sums locked away in their homes. Having said this, did you know your life expectancy increases if you remain active?