More than half of those retiring in 2021 do not plan on giving up work completely, research from Standard Life Aberdeen has found.

In its Class of 2021 report, the pension company found that 56% of this year’s retirees are planning a phased or flexible approach.

Of all those retiring this year, 27% plan to go part-time, 19% intend to volunteer and 6% want to set up their own business.

The research also looked at those who retired in 2020.

It found that 34% decided to continue working to some degree, while 21% are now considering returning to work part-time having previously left their jobs.

Just 2% of those who retired last year are considering going back to work full time.

Standard Life Aberdeen retirement advice specialist John Tait says: “What it means to retire has been evolving for some time now. 

“Long gone are the days of everyone having a set date or a set age from which they will never work again. 

“Instead there is a noticeably growing trend towards flexi-retirement and continuing to work. 

“Whether that be a financial decision, or an emotional one, how you choose to retire will entirely depend on what is right for you.”

He adds: “The pandemic has clearly only further fuelled this flexi-retirement trend – with our research showing that more of the Class of 2021 are planning to carry on working to some degree compared to 2020 retirees. “Meanwhile, some of last year’s retirees are already contemplating returning to work.

“Retiring in a pandemic wouldn’t have been what last year’s retirees had planned for, and perhaps going back to work was made more appealing given the lockdown restrictions. 

“However, with restrictions now gradually lifting, many will be gearing up to start enjoying the retirement they had planned for. 

“Whether that be travelling the world, spending more time with the family, or continuing to work part-time.”