Searches for post-retirement jobs in the UK have risen by 16% in the past year as pensioners face higher living costs, with further significant regional differences in job-seeking trends shown in new research – up by 900% in one southern UK city.
The research, by pension advisors Almond Financial, analysed regional UK job-search trends to reveal which areas have seen the largest demand increase for post-retirement work over the last year.
Driven by rising living costs and reduced eligibility for the Winter Fuel Payment, retirees across the UK have been motivated to search for jobs 16% more since 2023 to supplement insufficient retirement funds.
At a regional level, the figures differ significantly and paint a stark image of retirement life in cities further south.
Oxford saw the largest rise in job-seeking pensioners since last year, up by 900%. This could be a result of the city having the third highest cost of living of all UK cities, at £893.90 for living expenses without rent as a single person.
Plymouth follows Oxford recording the second-highest rise, with a 500% increase in searches for post-retirement work.
Swindon, Eastbourne, and West Bromwich make up the top five cities with the highest surge of retirees searching for jobs, up by 300%, 275%, and 150% respectively.
On the other end of the scale, Milton Keynes saw the largest overall decrease in pensioners searching for jobs, by -38% from 2023 to 2024.
Top 10 UK cities where pensioners are searching for jobs in retirement
| Rank | Location | % change in retirement job searches, from 2023 to 2024 |
| 1 | Oxford | 900.00 |
| 2 | Plymouth | 500.00 |
| 3 | Swindon | 300.00 |
| 4 | Eastbourne | 275.00 |
| 5 | West Bromwich | 150.00 |
| 6 | Stoke-on-Trent | 142.86 |
| 7 | Warrington | 133.33 |
| 8 | Sunderland | 133.33 |
| 9 | Telford | 125.00 |
| 10 | Derby | 100.00 |
Sam Robinson, principal financial adviser at Almond Financial, encourages pensioners to consider five crucial steps to maximise retirement income, as many look for jobs to supplement their income.
Check eligibility for benefits.
Checking your eligibility for Attendance Allowance, other non-means tested benefits, the Winter Fuel Payment, and a reduction in Council Tax, could work to maximise your retirement income each month and reduce the need to pick up extra work.
If you are of state pension age and have either a physical disability, a mental disability, or a health condition, you could be eligible for Attendance Allowance and receive £72.65 or £108.55 a week to help with personal support.
Those eligible for Pension Credit could receive up to £218.15 a week as a single person, raised by an extra £81.50 if you also qualify for Attendance Allowance. If you qualify for Pension Credit or certain other benefits, you could receive a further £300 from the Winter Fuel Payment.
Track down lost money, old bank accounts, and lost pensions
With many of us having several jobs and bank accounts over the course of our lives, it can be easy to lose track of old pension pots and accounts, which could have built up significant savings.
It’s worth taking some time to note down all your previous jobs and bank accounts to memory, to see if there are any you haven’t considered when financially planning.
If you have lost track of any old pensions, make use of the Pension Tracing Service – https://www.gov.uk/find-pension-contact-details
Consider investing surplus income.
Up to the age of 75, if you are not working as a pensioner and have no relevant earnings, you can make a contribution of up to £2,880 into a personal pension and receive tax relief, where the government will gross up your contribution by a rate equivalent of the base rate of tax, to £3600 tax-free cash.
Your pension savings may grow over time depending on investment performance, and upon drawing your pension, you will be able to take 25% tax-free with the balance taxed at your highest rate.
If your current finances are in order and you have the ability to invest, it makes sense to utilise your ISA allowances. Cash ISAs will provide tax-free interest and stocks and shares ISAs give the opportunity for tax-free capital growth.
Check implications of post-retirement work.
Before you search for a job in retirement it’s important to consider whether this would impact your eligibility for some means-tested state benefits.
Rearrange your personal allowance
The ‘Married Couples Allowance’ can help to reduce the tax bill for married couples if one partner is born before April 1935 – meaning they would be at least 89 years old in 2024. The allowance is set at £11,080 for 2024/25, offering tax relief capped at 10%, effectively providing a maximum tax credit of £1,108 to reduce the final tax bill.
The ‘Marriage Allowance’ is another tax benefit for married couples offering different benefits with no age requirement. This allows one spouse to transfer up to £1,260 of their unused personal allowance to the other, potentially saving £252 at the 20% basic tax rate. Both allowances offer different benefits for married couples to minimise tax implications on income.
Commenting on the research findings, principal financial adviser at Almond Financial, Sam Robinson said:
“The findings are concerning as those who have spent their lives working towards retirement are finding it increasingly essential to find work in later years, as their planned savings aren’t providing enough support for the cost of retirement living today.
“While the cost of retirement living will vary from person to person, this study will certainly be eye-opening for those building their pension pot, who may not be saving enough to live the retirement lifestyle they want without the need to pick up a post-retirement job.
“Depending on the situation, there are ways to supplement retirement income that could reduce the need for post-retirement work, such as checking eligibility for benefits, investing surplus income into an ISA or pension pot, and rearranging personal allowance between spouses.
“For those looking to boost their retirement income, there are many ways to do this and speaking with a financial or pension advisor will allow you to lay all of your options on the table and decide what is most suitable for you.”
To view the full report, please visit: https://www.almondfinancial.co.uk/retire-to-re-hire/
