You might be surprised to hear this, but there’s a growing trend of people over 60 choosing to work for themselves, even after they reach what used to be considered retirement age.
According to new research from Rest Less, a community for people over 50, almost a million people over the age of 60 are now self-employed. That’s a record high!
Why are so many over-60s going self-employed?
There are a few key reasons why we’re seeing this trend:
- State Pension Age: The state pension age is rising, meaning most people will have to work longer before they can access their state pension.
- Financial Pressure: With the cost of living going up, many people are finding that their state pension isn’t enough to live comfortably.
- Flexibility: Self-employment offers more flexibility, allowing people to work when and how they want.
- Skills & Experience: People over 60 have a wealth of experience and skills that can be valuable in the workplace.
Here are some key figures from the report:
- There are now 991,432 self-employed people aged 60 or over in the UK. That’s a 33% increase in just 10 years!
- Over-60s make up 23% of the UK’s self-employed workforce, and over-50s make up a whopping 49%.
- A surprising 223,086 self-employed people are over the age of 70.
A Mixed Picture
It’s important to remember that the decision to go self-employed isn’t always about choice. For some people, it’s a necessity to make ends meet.
However, for others, it’s a chance to pursue their passions and use their skills and experience to make a real difference in the world.
What’s Next?
As the state pension age rises and the cost of living continues to climb, it’s likely we’ll see even more people choosing to work beyond traditional retirement age.
For those considering self-employment, it’s important to do your research, understand the risks and rewards, and make sure you have a solid plan in place.