Retirement Living
No time to stop
Having recently celebrated our own Queen’s impressive career, and the fact that she is still ‘on duty’ at 96, Shire takes a look at the pros and cons of working well past retirement age
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s we all live longer, and health in general third (31 per cent) of the workforce, up from improves, reasons to stop work in our 21 per cent in 1992. The report continues: sixties are less obvious than for previous “In future, those approaching retirement are generations. For those who can, it may well increasingly likely to be in more stressful and still be the desired option, but as Her Majesty more cognitively demanding jobs. Currently, has shown, we can also keep our minds older workers in these jobs are significantly and bodies busy by working well into our more likely to want to work shorter hours but less likely to move to part-time roles. Making seventies, eighties and even our nineties. Experts at the Institute for sure flexible work options are Fiscal Studies recently shared available should be a priority.” Other highlights of the study a report on the impact of this “Flexible trend. “Longer working lives include: work offer many benefits but can • During Covid, older workers options pose challenges for individuals, (particularly over 65) were should be more likely to be furloughed, employers and policymakers… a priority” The desired working patterns of which has led to an increase in older workers – in terms of hours those age groups seeking new of work, form of employment or employment since. tasks they undertake – may be quite different • Most older workers do not have recent from those of middle-aged or younger adults.” experience of searching for work: over two-thirds of 55-year-old workers have More demanding been with their employer over five years. The number of older people remaining in • Significant numbers of older workers would benefit from more job flexibility: work is certainly growing. In 2019, 10 million 16 per cent of employed 50 to 69-year-olds or 61 per cent of 50 to 69-year-olds in the would like to work fewer hours. UK were in paid work, comprising almost a • For some, part-time work acts as a way of making a gradual transition to retirement. • Only 9 per cent of older employees become self-employed in the run-up to retirement. • Half of full-time workers move straight into non-working retirement. • Around 7 per cent of older workers in 2019 wanted to work more hours per week. • Some with long-standing health problems may have preferred or been able to stay in work with more flexibility or support. To read the full report visit ifs.org.uk Over-50s count for a third of the workforce 122 SHIRE MAGAZINE | July/August 2022
The boost is much-needed
EXTRA HELP IN COSTS CRISIS
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he government’s announcement of extra help for Britons facing the fuel and cost-of-living crises has included an added bonus for pensioners. Those already receiving a winter fuel payment of £150 will get a bonus £300 pay-out to cope with the soaring energy prices that we are predicted to see this winter. At the same time, all households are to receive a £400 boost towards their energy bills, meaning many older people are in line for a total of £850 support. This announcement has been welcomed by experts including Citizens Advice, who described the move as “a life raft for the millions of people struggling to keep their heads above water”, and Martin Lewis, founder of the MoneySavingExpert website, who said the payments were “more generous than expected”.
