Advancing Years No Longer Signal Retirement

Advancing Years No Longer Signal RetirementThat the default retirement age has been lifted comes as no surprise considering the findings of the latest population demographic trends. As per the figures provided by ageUK.org :- (click here to view site)

  • There are more people over the age of 60 than there are under 18.
  • Every year 650,000 people turn 65 in the UK and the number of those who are 65 and still working is set to cross the one million mark in 2013
  • In the next 20 years the percentage of people aged 65 and above is expected to rise from the current 17.2% to 22.4%

As the population ages, so does the workforce, making the hitherto default retirement age of 65 seem absolutely redundant. And what’s surprising is that most people seem to want to continue working and do not feel limited by their advancing years. Perhaps it has got to do with the rising longevity, better health and also the pressing need to remain financially independent. That was the reason why many people who had had to quit their job on reaching their retirement age, instead opted to take up a new career, just to be able to continue working.

With life expectancy at 85 for men and 89 for women, having to retire from a well-established career and have 20 full years of leisure ahead would indeed bring on insecurities – both personal and financial. When work has been an integral part of one’s life for 3-4 decades, retirement is definitely a daunting prospect. There is also a compelling need for women to remain in the workforce especially as many of them have taken a career break to raise their family which has significantly affected their pension entitlements.

The concept of early retirement is therefore a thing of the past and older workers are now becoming a common feature of the workforce. The latest statistics show that a quarter of the people between the age of 65 and 74 are still earning a wage and are making the most of what are called the “bonus years”. But there are still some factors that are posing as major barriers to this very positive trend. Despite the will of the people and the support of the government, it’s the cultural stereotypes that condition people into thinking that age can be an impediment should they decide to take on another job.

However, as the population demographics indicate, longevity is only going to increase and the need of the hour is to redefine the concept of “old”. With skills intact and a wealth of experience behind them, senior citizens have much to contribute to the workforce even when they are well into their sixties and seventies. Companies value talent and know-how, and the need for competent and skilled staff has never more acute than in the present times. In fact so great is the requirement for reliable and committed workers, that companies are open to adapting their policies to be able to attract and retain employees. The homeworking trend is a fine example of how employers, as an attempt to retain talented workforce, have now allowed flexible working practices to accommodate the special requirements of their employees.

Arise Virtual Solutions, established in Florida in 1997, has pioneered the concept of virtual working for the last 15 years, and is now partnering with over 25,000 Independent Businesses over UK, Ireland, USA and Canada. The Arise model certifies people as Client Service Professionals, giving them the opportunity to work through an independent businesses that provide highly competent customer service to the most reputed brands worldwide.

Older adults need no longer resign themselves to the conventional norms and quit working just because they have reached a certain age. An active, alert mind is a pre-requisite to a healthy body and the opportunity to make use of their skills to extend their finances can add a sense of independence and dignity that is the most invaluable asset one can possess especially during the “bonus years”. The flexible hours, the freedom to choose when and how much you want to work, and the ease of working in your own comfort zone are what make working from home an extremely attractive proposition for those who have retired from their regular jobs but would like to put to productive use their time and skills to keep the income flowing in.

If you need more advice on homeworking, please contact our Admissions team on 0131 200 2100 or email them at AriseUKadmissions@arise.com.

 

 

Reference: http://www.telegraph.co.uk/finance/personalfinance/pensions/9793200/Silver-workers-turning-their-backs-on-retirement.html