Annoying Partners Drive Retired Women Back To Work

Retired women find their partners so annoying that they go back to work to escape them.

One in 10 women who had unlocked their pensions early to give them money to retire or reduce their hours give up their new found freedom because they can’t adjust to spending more time with their partners.

Men try to escape their other half as well – but the data from insurance firm Zurich reveals twice as many women do so than men.

The figures come from a detailed study that shows many people who have unlocked their pensions go back to work.

One in four said despite taking the money, they still struggled financially and need at least part time work to make ends meet.

Popular pension freedoms

Another 40% said retiring took away their sense of purpose, while a third looked to work colleagues to boost their social lives.

To put the numbers in perspective, HMRC statistics for last year show around 500,000 over 55s have accessed their pensions early, withdrawing £18 billion in cash. The figures show a 23% surge from the year before.

Alistair Wilson, Zurich’s head of retail platform strategy, said:  “There’s no doubt the pension freedoms have been hugely popular but for some retirees they have come at a high price. People now face more complicated decisions in retirement – including choosing where to invest their savings and how much to withdraw – and it’s clear not everyone is getting it right. Pensioners who don’t plan for retirement, and get financial advice or guidance, could face a return to the grindstone or an impoverished old age.

 Making a mistake

“Making a mistake with your pension in later life can be financially devastating – especially if you can’t go back to work. One of the most important steps you can take is to calculate how much you have to live on.

“By working out your income and expenditure, and considering how long you might need to make your savings last, you can reduce the risk of emptying your pension too soon. There’s a lot to think about when you’re planning for retirement, and your circumstances will change over time, which is why it’s often best to speak to a financial adviser.”

“Overall, one in 10 (11%) of people who have accessed their pension since the 2015 reforms have gone back to either full or part time work, or say that they intend to.”

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