More Pensioners Working Into Retirement
As nearly 10 million people in Britain are now over 65, increasing numbers of pensioners are taking up a second career after they retire.
One in three 45 to 65-year-olds now plan to carry on working into retirement, according to a report by investment group Standard Life.
Sam Almond is 86 and lives in Altrincham, Cheshire, with his wife Hazel. After he retired from his job as the owner of a manufacturing company he began writing books about the financial markets.
His success as an author spurred him on to write a self-help book, Spinach For Breakfast, about the secrets to living longer.
He believes the key to staying young is keeping busy. Every day he gets up at 4.30am to allow time to do some exercise, eat a healthy breakfast and be at his desk for 8am.
The latest census shows the number of people over the age of 65 in England and Wales has increased by 10% over the last decade.
According to the Department for Work and Pensions life expectancy for men is expected to reach 91 by the year 2050.
One reason more people over retirement age are continuing to work is to top up their income.
The National Association for Pension Funds says nine in 10 people believe the state pension will not be enough for them in retirement.
Universities Minister David Willetts told Sky News: "One thing that we've done is transform the regime for older workers by abolishing compulsory retirement ages so that companies can keep staff for longer.
"But there may some people, who've paid off the mortgage and the kids have left home, who want to make a career change.
"We notice increasingly mature students who may have had one career but who are now thinking of getting a new qualification and starting a second career.
"I believe the more people that are out there seeking work, the more jobs get created. And if you look at the record of the last two years, despite the austerity, there have been more than one million extra jobs created in the private sector so we can create the jobs as people come forward who want to do them."
Julie Kertesz, 77, took up stand-up comedy a year ago. She says it's something she fell into by accident after realising she could make people laugh.
Originally from Hungary she has lived and worked around the world, mainly as a chemist.
She retired aged 60 but says she continued to pursue her interests in writing and photography.
She then tried public speaking and has now performed her stand-up routine in more than 50 venues across the UK.
She told Sky News: "The young people who listen to me are surprised and they like it, they say I'd like my grandmother to be like that or my grandfather.
"Don't die before you die - do things and live completely, change things because that is when you live... Even at 70 or 80 you can do wonderful things."
what do you think?
You work hard all your working life, you bring up a family and you try to put something by for your old age and just as you reach "retirement" the government moves the goal posts. It penalizes the thrifty and hardworking. Although you worked for your pension it is not nearly enough to live on. If you saved into a private pension they've already raided your nest egg through taxation, only you only get to see the effect when it's too late. To add insult to injury, quantitative easing means poor annuity rates so your pension pot buys you a lousy pension. To add further insult they want to take away your bus pass so you cannot go out and enjoy yourself. Then you find you cannot stay in because you cannot afford to keep warm because they want to take away your winter fuel allowance as well. So what is left? The Liverpool Care Pathway. Welcome to Cameron's Britain.
for goodness sake, read up on care pathways!!!!
Andrea, that last comment was ironic, but you clearly don't understand irony. But yes, I do know about the LCP, probably far better than you.
Yes malcolm, i feel for you, we're all suffering at the moment.halogen heaters are cheap to run plus they give a pleasent light.its a shame peaple on these pages dont seem to swap tips on cheap deals they come across.it would benefit everyone .i know i took a long time choosing my energy supplier and tariff. Shame orange dont run a consumer page.
Shaun: great idea. Orange take note.
I know an older gentleman who loved cycling and couldnt do it anymore, anyway he was becoming reclusive and wasnt keeping his place clean.this went on for ages until i talked him into going to a local support group for the elderly .anyway it was arranged that he go to torquay for a day out .anyway it was a really hot day, he couldnt of chosen a better day.later on that evening we had a call from a distressed woman who said that he had had to go to the doctors.he had only fallen asleep on the beach and got himself badly sunburnt.anyway aged 85 he recently got married to the distressed woman who made the call to us that day.so you can never tell whats around the corner for anyone including the elderly.
Shaun it was you who arranged all this do you remember.
Too right i remember.your talking about bill.he came back in a right state the next day badly sunburnt.though we all had to laugh about it.i put him onto AGE UK a charity that will help the elderly with bills etc and general welfare.but if you dont want this they can put you in touch with local activity groups in your area is well.this was just what bill did on this day out even though he just fell asleep on the beach and rather painfully so.yeah he married elain later.in fact jane i havent seen him for a while now.
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Shaun, That is a wonderful tip. Help keep my wife warm as she never gets out. (Irony coming up next -) Of course I spend all day in the pub or in the travel agent booking another holiday overseas so dont need heat. In fact I sit at this old knac .*kered pc all day, dressed up like a Michelin X Man. Malcolm your mail is oh so true.
If anyone wants energy tips - get the loft relagged & cavity wall done - free under a grant scheme AND buy energy on-line but go through a cash-back site 1st - I use topcashback (see telly ad) - and am in the process of getting around £45 + co-op divi points. Lagging has resulted in boiler barely working this winter - yes it has been warmish but I can tell the difference.
Private pensions were raided by Gordon Brown Malcolm.... people tend for forget that
With the lowest State Pension in Europe many have no choice.
you have to be illegaly in uk to have the life of riley
Or in your case blindly ignorant. Just look at the retired at 50 types littering the Canaries at this time of year or the elite 1% at the top of our social ladder - yeah, my Polo club is swimming with refugees and the like. I guess all the top jobs where you work is just the same, flooded with people without even an NI number. No? What about middle management? Still none there either? So when you say the life of riley do you mean the good life or a 16th century one?
This is why there is no point saving for a pension the cost of living and retirement age going up if your young now just enjoy life you will never live to retirement and if you do the government will force you to sell everything to cover costs
I was in a compulsory occupational pension scheme before I got paid off. I never paid more into it that I had to because I always believed that the Government would raid it before I reached retirement. It is looking increasingly likely that they will so no regrets. I can never understand how our government, in this so-called democracy, can do this and it not be totally illegal. It is a classic breach of human rights and just plain theft.
every body should be made to retire at 60 so we can get the youngsters in to work. and all so i know were we can get the money to do so.1 send all the 450.000 immigrants home that are claiming benefits over here. 2 send back the 11000 immigrant inmates that is in our jails.3 stop all foreign aid. 4 any body comes into our country for holidays or tourism, no health insurance no entry,this will stop our health service being abused which cost us tens of millions a year..5 stop immigration all together . and thats just a start. but dave will not do any of this he would sooner let the british people suffer. totally spineless government.
I would love to retire now at 63 years of age and start taking my state pension. I would be happy to take less than I would get at 65 but I am going to have to soldier on as there is no provision for taking a state pension now. Surely the govt could sort something out for those of us who are 'nearly there'?
At 63 years of age, I have decided to start taking my pension (or what's left of it) for reasons already stated on this comment thread. Robber Brown stole money from private pension fu nds, annuity rates are at an all time low and not likely to improve and the threat of further EU interference on pensions. Politicians of all parties have wrecked what was the finest system in the world. Thanks guys.
Andrew - I am dreading what the 'anti-descrimination on sex grounds' legislation will do to pensions for males. I am looking at putting my future pension contributions into cash fu nds so that I don't have to buy an annuity.
Sorry but all this talk of a new 'career' is just a mere drop in the ocean. The majority of pensioners who are working are doing so because they have to. you'll find them (us ) working in supermarkets, filling stations and all manner of menial jobs just trying to make ends meet having had their savings depleted by greed and government mis-management. Not content with that we now have Mr Ian b****Y Duncan Smith trying wrestle from us the second pension which we have worked for and paid for. Our pensions are not a 'gissit' but something that has been paid for and earned by hard graft.
Remember my Dad having to work till he was 67, just to make ends meet. Agree you should be able to retiere at 60, to give the young a chance to work, but no chance with the goverment, soon you will have to work until you drop. More likely the will be an age capabilty test which no doubt with goverment will rig for you to fail, and told to work until you drop.
work all your life payin cause no problems and get used...better off doing nothing and have everything given to you...thats why you have to keep working...where do the NI contributions go...
There are some who are just plain greedy and can retire there are those through low wages ,life styles who have to work. Recommend saving in an ISA shop around for best deal (spam):))) .You cut out the middle man (annuity crooks) the money is there tax free (for now).
Every over 60/65 year old I know, and thats a few, work on because they want to, not because they have to. Thay still fell young and fit and want to carry on. All from low paid manufacturing jobs. They do it because they love it. Nothing to do with having to.
I understand this t.b and have heard it so many times. My worry is that maybe the older person is taking away jobs from others who still have children and mortgages to pay for. There are so few jobs around these days as it is. Wish I could be more positive on this subject. I was lucky and had a job all my working years.. some are not as fortunate.