Working it out
Posted on Jun 24, 2019
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According to a recent article on The Guardian website the number of people aged over 70, who are still working, has more than doubled in a decade to half a million.
The number of those aged 70 who are in full- or part-time employment has been steadily rising year on year for the past decade, according to Office for National Statistics (ONS) data, reaching a peak of 497,946 in the first quarter of this year – an increase of 135% since 2009.
Nearly one in 12 of those in their 70s are still working, a significant increase from the one in 22 working 10 years ago.
In addition, there are currently more than 53,000 over-80s working in the UK, 25% of whom are working full-time.
While some people claim that they have no option but to continue working from a financial point of view, others have made a conscious decision to top up their pension savings. In addition, the fact remains that many people over the age of 70 actually enjoy working and benefit from the many health and social benefits that come with continuing to work – not all of which are money related. They also bring experience into the workplace.
The article includes an interview with Reverend Michael Soulsby, 82, who took up a hospital chaplaincy role at the age of 80 and is still working one or two days a week.
“I would like to think that my age has made me a better hospital chaplain because I’ve gained the experience to appreciate better what the people I’m supporting really need to hear,” he says. “I’m not still working for financial reasons. I’m still working because there’s a great deal of satisfaction in a job well done.”
According to a study from Oregon State University, working past age 65 could prolong your life, while retiring early could actually be a risk factor for dying earlier.
The researchers found that healthy adults who retired at 66 instead of 65 had an 11% lower risk of death, even when taking lifestyle, demographic, and health issues into account. Furthermore, even those who described themselves as unhealthy were found to stand a greater chance of living longer, if they continued working past 65.
These findings are consistent with research from the Institute of Economic Affairs, which found that retirement can increase the chances of clinical depression by 40%, as well as the likelihood of developing at least one physical disorder by roughly 60%.
Working provides a social outlet and a chance to use your brain, and for some people, commuting – if that involves a little walking - can serve as a vital source of exercise.
At The Goodman Partnership – pension adviser Tunbridge Wells - we can support you if your retirement plan does include some work – as it could well be something you enjoy and your experience may well be useful to the business or businesses you are supporting.
We can help you to understand if your lifestyle needs can be met in retirement – taking into account your particular circumstances and goals. Give us a call on tel: 01892 500600.