Life for the over 50s is rapidly evolving. The government has introduced changes to pension legislation that mean that once you reach state pension age you don’t have to stop working if you don’t want to.
Other changes include greater use for flexi-hour working for the over 50s, and greater recognition of the skills and expertise possessed by this demographic.
Retirement and the over 50s
Once you reach your 50s, you tend to reassess your life. If you have a comfortable pension or savings pot that allows you to retire early, then you may use this time of your lives to the full and enjoy your health. Alternatively, you may want to downsize as a result of ‘empty nest’ syndrome and look at retirement houses for sale that may prove to be more economical to run.
Alternatively, you might want to keep on working, but only on a part time basis.
Life commitments and the over 50s
Many older people have increased social responsibility. You might be caring for elderly parents, or helping grown-up children with their childcare. This doesn’t mean that you have to put your own desires and life on hold though and flexi hour working has been introduced in recognition of this fact.
The Fuller Working Lives Programme was introduced to support the over 50s so you can work, care for your family, and earn enough to afford some of life’s pleasures.
If you are of state pension age, you can defer your pension and still continue working. It’s worth remembering that you can take your deferred pension as a lump sum when you are ready to stop work altogether.
Some facts and figures
The age of the UK’s population is changing. By the next decade, It is estimated that there will be 700,000 fewer 16-49 year olds but an additional 3.7 million people aged between 50 and pensions age according to The Daily Mail.
We are used to aging rock stars, older actors and judges with greying hair but it isn’t just the rich and famous that want to continue working for as long as they are able.
The recent Silver Service TV programme, promoted by the retail guru Mary Portas (herself a sprightly 54-years-old) highlighted the skills and ambitions possessed by mature members of the population.