I went back to work to make ends meet

But can you just decide to go back to work once you’ve retired? How does it affect your pension and tax situation? And what will it mean for your wellbeing?

Trevor Bennett, a 73-year-old builder from Folkestone, faced these questions when life events forced him to change his plans. He first retired just before the pandemic. The timings worked out well for lockdown, but once things started to return to normal and prices began to climb, he faced a difficult decision.

“I was picking up a state pension and managing OK, but then my relationship ended. It wasn’t something I’d planned for – and I hadn’t expected the cost of living to rise as much as it did.”

As well as his state pension, Trevor also has a small income from a flat he lets out, which took him over the tax-free Personal Allowance of £12,570 per year. Even with both incomes, returning to work was necessary. “After the loss of my ex-partner’s financial contribution, I didn’t have a choice,” he says.

“I’ve always liked my job as a builder, and it was easy to get back into a self-employed role. Even with costs such as work insurance and having a van, financially, a return to work was the best option.”

Although this gave him much-needed funds, the change has come at some cost to Trevor’s wellbeing.

“There’s lots of heavy lifting, and that feels different in your 70s to your 50s. My health hasn’t been the best this past year either,” he explains.

But Trevor says there are upsides, too.

“I can generally pick which jobs I take on, and it’s nice to meet interesting people. It also gives you a sense of purpose and some routine. But if I had the choice, I’d rather I could afford to retire properly and spend more time with my kids and grandkids.”