Tuesday, April 18th, 2023
An ever-growing number of Britons are working well past retirement age because they enjoy their jobs. The number of people still working over 65 tripled in the last 20 years, recently reaching 1.4 million. It is set to keep growing as people continue to live longer and remain healthier. Many older people say they have become attached to their workplaces, and employers often prize their skills and knowledge. The trend contrasts with the traditional idea of retirement after 65 and comes even though the government increased the state pension age beyond 65 only in 2020.
Many older workers have also found that continuing to work provides financial security in their later years. With rising costs of living and uncertain pension plans, having a steady income can make all the difference. With the increasing age of retirement, older workers can continue working in their chosen field, using experience and expertise to make valuable contributions.
Many employers are recognising the value of older workers and are actively seeking to keep them. Companies such as John Lobb and B&Q are realizing the benefits of their experienced and skilled employees and are actively encouraging them to stay on past retirement age. Research has shown that older workers are often more productive, reliable, and committed. They bring experience, knowledge, and wisdom to work, sometimes acting as mentors for younger employees. Also, by working longer, older workers can stay socially connected, and maintain their mental and physical health.
Moreover, the economic benefits of older workers are not just limited to their productivity and knowledge transfer. Working longer also allows individuals to save more for retirement and reduces the burden on pensions. It can also help to combat ageism in the workplace and challenge societal stereotypes about ageing and retirement. It’s important for employers and policymakers to support this and ensure that older workers are valued and respected. Retirement is not for everyone and there is much that can be gained working later in life.
The trend of older people continuing work after the usual retirement age is not only a response to economic pressures but reflects the change in attitudes towards work. For many, work means purpose, structure, and social connection that they don’t want to give up. The benefits of continuing work in later life go beyond financial security to include improved physical and mental health. As the population gets older, we must recognise the older workers who want to continue working and contributing.