Retirement Is So Old Fashioned
With people living and working longer, those in their 50s are choosing not to ride out their day job to retirement. They are exploring opportunities to change what they do and how they work, approaching retirement very differently.
Government statistics show the employment rate for people aged 50 to 64 has grown from 55% to 70% over the past 30 years and from 5% to 10% in those aged 65+. Older workers make up a significant part of the labour market, there has never been more people aged between 50 and 64 now in work 8.2 million.
Changing career later in life can often make sense as children have grown up, flown the nest and are no longer financially dependent. As well as having less financial responsibilities they also possess a wealth of life and work experience to bring to their new endeavours. It is not unreasonable to think that people cant have 2 successful and fulfilling careers in their lifetime. Especially when they are exploring something they love or have always dreamed of doing.
According to the Government nearly half of over 50s want to keep working between the age 65 and 70. 25% said they were interested in taking a few months off and then returning to work instead of retiring. Volunteering abroad and gap years are no longer confined to 18 year olds, many travel companies cater specially to the over 50s looking for career breaks.
Those approaching retirement are also looking at different ways to work, with 39% of over 50s not currently retired saying they would prefer to work flexibly or part time before stopping work all together. In 2018 the Government plans to extend shared parental leave to working grandparents, making the option of flexible working possible for some close to retirement. ASA have plenty of flexible work vacancies in various sectors to explore.
Its never too late for a change, whether thats pursuing a new career, planning your gap year or working more flexibly. Its the perfect time to start thinking about the future later in life.