Best Jobs for Retirees
More and more people across the UK are considering getting a job during their retirement. For this reason, we have taken the time to research the best jobs for retirees in the market currently and have some top tips on how to make sure that getting a job in retirement is the right decision for you.
According to a recent study by the Office for National Statistics [1], people in their 50’s were less likely to fund their retirement through a private pension than those in their 60’s [1].
In fact, the ONS study [1] also revealed that people in their 50’s were a lot more likely to consider getting a retirement job than those in their 60s, highlighting a shift in how people save for retirement and also spend their retirement [1].
When it comes to the best jobs for retirees, this article explores some of the most popular and flexible jobs that would suit someone in retirement.
When it comes to looking for jobs in retirement, the ONS study [1] found that people value flexible working the most, followed by the ability to work from home or choosing a job that is flexible enough to work around your family and home life [1].
During the ONS study, it was discovered that 69% of retirees would only consider going back to work on a part time basis [1], with only 9% saying that they would be willing to work full time during their retirement [1].
Despite the fact that many people are now returning to work during their retirement, there are still some people who refuse to, as they see their retirement as something they have worked hard for and deserve.
However, this does not stop them from worrying about their finances during retirement. Particularly since the 2020 Covid-19 pandemic, more retirees are worrying about their finances than ever before.
They cite the reasons being the cost of living crisis, a lack of income or savings and leaving work either before or during the Covid-19 pandemic and never returning [1].
Worrying about money is never easy, but it is not the only reason why people choose to get a job returning to retirement. In fact, getting a job in retirement can help with a whole host of things such as cognitive decline, depression, social isolation and loneliness.
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Why Should You Get a Job After Retiring?
Below, we outline why you should consider getting a job after retirement:
1. Paychecks
Whilst money isn’t everything, not having money as you enter retirement can have a huge impact on your quality of life and your mental health.
It might seem obvious, but one of the biggest benefits to getting a job in retirement is getting a pay check through every month. Whether you desperately need the money, or it is a nice addition to your pension or savings, it is always nice to have an income.
By boosting your finances or pension, you will be able to enjoy your free time during retirement knowing that you do not have to worry about paying your mortgage, rent or bills.
2. Cognitive Health
Continuing work into your retirement has been proven to improve brain health. The hopes are that the longer you work, the less likely you are to develop cognitive issues such as Parkinson’s and dementia.
This is because during work, you will be continually challenged mentally by dealing with any issues, learning new tasks, meeting new people and socialising. This will be creating new connections in your brain which will ensure that your brain is active and healthy over the years.
Whilst it is important to try to avoid stress during your retirement, keeping your brain active will have a huge impact on not only the health of your brain, but your mental health too. This is why it is important to choose the right job for you.
You should not choose a retirement job that will cause any stress or anxiety as this will have the opposite effect on both your mental health and your cognitive health.
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3. Avoid Loneliness
One of the biggest benefits to getting a new job in retirement is that it will help you to avoid loneliness. Whilst many people look forward their entire lives to their retirement, many people find that during their retirement they feel lonelier than ever.
This is because once you retire, you stop work and therefore stop socialising with an office of people every day. You also have more time on your hands, but it is easy to forget that the people around you do not.
This means that you spend your days on your own, as your family and friends might still be working full time.
Loneliness is one of the biggest issues facing public health in the UK, as it leads to a whole host of physical and mental health issues such as depression and anxiety.
In addition to this, being lonely has also now been thought to increase our chances of becoming physically ill with diseases such as heart disease.
This is why going back to work can help to combat loneliness and ensure that your physical and mental health will also be improved, too.
If you want to research the best jobs for retirees, then bear in mind that you should consider a job that allows you the social interaction you will crave into your later years.
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4. An opportunity to try something new
Most people think that if they choose to work during their retirement then they would have to go back to doing what they used to do for work, or at least work in the same industry. Whilst going back to what you know is comforting, it might be a good idea to try something new instead.
This might be a great time to try to reinvent yourself and your career. There might be a job or career that you have always wanted to pursue. There might be a certain job that you have always wished you pursued but didn’t for whatever reason.
Taking this opportunity to try something new will mean that your brain will have to work harder to learn new skills, new information and meet new people.
It might be a good idea to try some volunteering, as you most likely didn’t have time to do this whilst in full time employment before retirement. You could choose to volunteer at a local charity or at the local zoo or school.
If you are interested in the best jobs for retirees, then make sure you are staying open to trying something new.
5. A sense of purpose
Above all else, getting a job during your retirement will give you a sense of purpose that you otherwise might not get by doing nothing but gardening during your retirement.
A retirement job will give you a reason to get up and out of bed in the morning, and will give you the chance to create goals, allow yourself to try something new, achieve new things and meet new people.
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Best Jobs for Retirees
According to Indeed [2] there are loads of options when it comes to the best jobs for retirees. Indeed has looked into and assessed the best jobs for retirees in the UK, whilst looking at their salary and feasibility for older people.
1. Driver
Our research into the best jobs for retirees found that becoming a driver is an increasingly popular option. If you have a driver’s licence and a car, then you might want to consider being a driver for some easy and extra cash during your retirement.
There are lots of different jobs as a driver available, including being a taxi driver, delivery parcels or take aways.
When working as a taxi, takeaway or parcel driver, your navigation system tells you where to go, and all parcels or packages will be clearly labelled with the address. If you are thinking about becoming a driver in your retirement, then you must be prepared to work into the evenings, weekends and even overnight.
As a taxi driver in particular you will get to meet new people every day, and be able to take frequent breaks in the comfort of your own car. The average salary per hour of being a driver is approximately £11.74 an hour depending on what kind of a driver you are.
2. Substitute Teacher
If you are looking for the best jobs for retirees, then being a substitute teacher is a great option for those who might only want to work part time or on an ad hoc basis.
You might only need to work for a few hours a day, as you will only be the stand in teacher for someone who is currently off work sick and unable to teach.
A substitute teacher is responsible for looking after the children during their lesson, taking the lesson register, making sure that the kids are sticking to the work that has been assigned to them and making sure that the classroom environment is safe and calm.
You might also be responsible for filling in any student behaviour forms if the children are naughty.
In order to become a substitute teacher, it would be ideal if you had a Bachelor’s degree in education or a specific subject, but it is not mandatory.
However, you will need to be DBS checked as with every job where you have to work with children. Being a substitute teacher pays approximately £16.46 per hour, according to the national average on Indeed.
3. Retail worker
If you are looking for the best jobs for retirees, then you could consider becoming a retail worker. You will be responsible for helping customers with their purchases, as well as assisting the store manager with any cashing up duties or stock takes.
This is a great job for anyone who is good with customers and who is capable of working a cash till. The average salary for a retail worker across the UK is just under £10 an hour, according to Indeed.
4. Concierge
Being a concierge is a really popular option for those entering retirement, according to the Indeed best jobs for retirees list.
A concierge is someone who acts as the receptionist for guests in an office or building. They ensure that people are shown where to go, look after any visitors, ensure that they have everything they need and even accept parcels on behalf of other people.
They will also arrange transport for guests or staff members, which will include pre-booking any taxis or Ubers.
They will also work closely with other staff members which, depending on the type of concierge you are, will include working closely with cleaners, drivers, waiters and valets. The average pay for a concierge is £10.39 per hour, but this very much depends on where you are a concierge.
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5. Babysitting
If you are looking for the best jobs for retirees, then babysitting might be a great option for you if you have ever worked with children before, or have some experience with children. You can work as a babysitter in the day time or at night time, and is a great option if you are looking for a part time job during retirement.
During babysitting, you will be the child’s guardian during your working hours, which means that you are fully responsible for their safety and wellbeing.
This is why you should only really consider being a babysitter in your retirement if you have worked with children before or you have experience working with children.
You might be responsible for tasks such as entertaining the children, picking them up from school, helping them with any homework, cooking meals for them, bathing them and getting them ready for bed.
If you are good with children and are confident enough to look after children, then consider becoming a babysitter. The national average salary according to Indeed is £12.99 an hour, depending on experience.
6. Tour guide
If you live in a city, then you have probably seen tour guides taking tourists around the city. When looking into the best jobs for retirees, we found that being a tour guide is a great option for anyone with a lot of knowledge of your local area and a passion for history or architecture.
You are able to get your daily steps and exercise whilst you show people around, and will meet people from all over the world on a daily basis. You can also easily work part time if this is something you would want.
You will be responsible for informing your clients, planning the schedules, dealing with any ticket or purchase enquiries and making sure that all visitors have fun and get what they pay for. The average salary of a tour guide in the UK is approximately £10.64 per hour, but this varies depending on where you work.
7. Cleaner and caretaker
When researching the best jobs for retirees, we discovered that being a cleaner or a caretaker is a great option for those looking for a retirement job. You could be a cleaner in a school, an office, a gym, a hospital, a shopping centre or community centre.
This is a fantastic job for anyone who has a love of cleaning or DIY. You will need to have an eye for detail and good scheduling and organisation skills. You might also be responsible for keeping the cleaning cupboard and stock full and up to date.
The average salary for a cleaner or caretaker job is approximately £10.81 per hour, but this very much depends on where you work and what experience you have.
8. Pet sitter
Our research into the best jobs for retirees found that whilst everyone has heard of babysitters, not everyone is aware that you can be a pet sitter, too. You can look after people’s pets for them whilst they are at work, away or holiday or otherwise unavailable and out of the house.
This is a great option if dog walking isn’t for you, as you can work in the comfort of their home and only have to take the pet out for walks if necessary, change their food bowls and clean up any mess they might make.
Whilst looking after other people’s pets isn’t for everyone, it can pay up to £12.93 per hour according to Indeed.
9. Estate agent
Whilst looking into the best jobs for retirees, we found becoming an estate agent could be a great option for anyone in retirement. An estate agent is able to put their knowledge of the local area to good use, and helps clients buy, sell or rent houses.
By becoming an estate agent, you will get to work a combination of office hours along with going out to visit houses and meet people. You will act as the mediator between the property owners and buyers.
You will get to talk through the value of their property, and will be responsible for working with other people to set the value and cost of properties. You must be confident enough to drive to different houses, and must be competent enough to deal with paperwork and contracts. The average salary of an estate agent in the UK is approximately £14.13 per hour, according to Indeed.
There are many options when it comes to the best jobs for retirees, and it is important to stay open minded and positive.
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Best Jobs for Retirees – Working Flexibly & Working from Home
If you are aged 60 or over, then the likelihood is that for the majority of your working life, working from home and flexible working hours simply were not an option.
However, ever since the Covid-19 pandemic, more and more people are now working from home and demanding flexible working hours.
For those who are looking for a retirement job, this might be something you would want to consider.
Many people who choose to work during their retirement do not want to go back to full time work in an office, which is why you should discuss flexible working or working from home with your employer.
Whilst working from home and working part time are now widely considered acceptable by most employers, there are now other options available to you such as working compressed hours or job sharing with someone else.
Whilst asking to work from home or benefit from flexible working hours, it is important to remember and understand just how common this now is in the workplace, so it should not be something you should be afraid of or hesitant to do.
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Can I Still Withdraw a Pension if I Work?
If you are considering getting a retirement job, then you might be wondering whether you will still be able to receive your pension if you choose to work. If you are over 55 years old, you are able to access your pension pot by withdrawing your money in small chunks (called a drawdown plan).
However, if you are hoping to withdraw your pension in one large lump sum, then choosing to work through your retirement might affect your tax.
This is because you might move up a tax band if you earn more money. In fact, you might be taxed as much as 40% of your retirement job if you sit above the threshold.
This is why it is always worth speaking to a financial advisor if you are considering working through your retirement whilst withdrawing a pension.
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The Drawbacks of Working After Retirement
Whilst there are many benefits to working during retirement, there are also a few drawbacks as well.
1. Tax implications
As previously discussed, working during your retirement might impact any tax implications for you. The more you earn from your retirement job, the more likely it is that you will be pushed into the higher tax bracket and therefore taxed more money on your pension and income.
You will be taxed 20% of any income earned over your personal allowance, but this percentage will go up if you earn more than £50,000 with your income and pension combined.
If you are worried about your tax, then it is always recommended that you speak to a financial adviser or accountant before taking on a retirement job.
2. Your physical health
Unfortunately, your physical health will start to decline the older you get. This means that you might not be able to do the same things you used to, which can be a hard pill to swallow.
So, if you are used to working on a building site, sitting at a computer for 8 hours a day or driving to get to an office every day, you might need to rethink your retirement job.
3. Changing work environments
It is also worth remembering that thanks to technology and the Covid-19 pandemic, the working environment has changed a lot over the past few years.
This means that the work environment might look very different to what you are used to, which might mean that you need to upskill yourself or get used to new ways of working.
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Best Jobs for Retirees – A Few Things to Consider Before Getting a Job in Retirement
If you think that getting a retirement job is the best option for you, then that is great. However, there are a few things that you should consider before taking the plunge and applying for a job.
1. Your CV
If you are aged 60 or over, then the chances are that you haven’t updated your CV in a few years. If this is the case, then you will definitely need to update your CV before applying for jobs.
You should always make sure that your CV is up to date, listening to all of the jobs, roles and experiences you have had. You should also make sure that you list all of the skills you have clearly and concisely.
Your CV should be no longer than 2 pages long, to ensure that you are being succinct and concise.
You should also ensure that you change your CV each time you apply for a job, to ensure that you are highlighting the most relevant skills for that precise and specific job.
You should also ensure that your CV includes your full name, the area you are based in, your phone number and other contact details such as your email address.
If you want help to create your CV, then there will be a few courses available to you online or through your local college or local library which will help you create a great CV.
2. How to find a job online
If you are looking for a retirement job, then you will most likely need to look for a job online. There are lots of different ways to find a job online, which you can easily upload your CV and contact details to.
However, if you do not have access to WIFI, a smartphone or your own computer then this can make life more difficult. Although, there are a few places in your local area where you can get access to a computer, such as your local college or library.
There are a number of places online where you should be looking for the best jobs for retirees, including search sites such as Indeed, company websites, LinkedIn or recruitment agencies.
If you do not want to look online for your retirement job, then you can always approach companies directly in person with your CV.
In order to make a start, why not try googling ‘best jobs for retirees’ online and see what comes up.
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Using Equity Release to Fund Your Retirement
If you do not want to get a job during your retirement, but still want or need access to additional money, then you might want to consider releasing equity from your home. Equity release allows you to release equity from your home in one large lump sum, or through a number of smaller payments.
This money will be tax free, and you can spend it however you choose to. You also do not have to repay your equity release loan until after you pass away or move into long term care.
When you pass away or move into a care home, your loved ones will be responsible for selling your house and repaying the equity release loan through the sale of the property. However, it is important to remember that you will be charged interest on your equity release loan, which will compound over time.
You can choose to pay off this interest whilst you still live, or choose not to pay your interest. However, by doing so it will grow into compound interest and will therefore reduce how much inheritance you leave your loved ones and next of kin.
There are two main types of equity release loans across the UK, which are lifetime mortgages and home reversion plans.
In order to qualify for equity release, then you will need to be aged at least 55 or over and own your own home in the UK worth more than £70,000.
If you would like more information on equity release, then speak to a member of the team at Equity Release Warehouse. We will be able to talk you through the equity release process, as well as the pros and cons.
Our advisers will never push you into making a decision and the initial consultations are completely free.
Start today by calling us on 0330 058 1579 or by visiting our website for more information.
References
[2] https://uk.indeed.com/career-advice/finding-a-job/jobs-for-retirees
