In 2022, nearly half a million people above the age of 70 were still in work in the UK. Don’t fancy working into your eighth decade? You’d better start planning now.
Huge increase in workers over 70
Since 2012 the number of over 70s in employment in the UK has risen by 61%, from 277,926 to 446,601, according to Rest Less, the online community for over 50s.
King Charles III is perhaps the world’s most famous septuagenarian worker. Crowned in May 2023, at the age of 74, he joins nearly half a million of his peers working past the age of 70.
Stuart Lewis, Chief Executive at Rest Less, lauds the new King as ‘a fantastic example of someone who both enjoys, and benefits from, continuing to work past pension age.’
But that’s not the case for many reaching retirement age. For thousands of 60 and 70-somethings continuing to work is not a choice but an obligation. The cost-of-living crisis and/or a failure to plan ahead has left many with inadequate retirement savings to survive.
Stark economic retirement choices
The fatal combination of an ageing population and a shrinking workforce is leaving governments with a monumental economic headache. Raising the age of retirement is the inevitable result.
And even when workers finally reach state pension age, relying on that as their sole retirement income will afford them a subsistence lifestyle at best.
In the UK, Which! deems the state pension of £203.85 per week (£10,600 per year) as inadequate to cover the essentials of a single-person household.
Yet millions of people are failing to prepare for retirement leaving them with stark options in later life: live frugally and subsist or keep working and delay retirement.
25% of the over 50s in Britain have no private pension savings while in the US the typical older household (55-64 year olds) has only $10,000 saved in a retirement account while 56% of those aged 65 and over have no savings at all.
For choices in retirement, start saving….
A state pension is a wonderful foundation for retirement but if you want to choose when you retire, and maintain your standard of living through your twilight years, it is essential to accumulate a personal pension pot.
Saving and investing consistently throughout your working life will enable you to build a nest egg that enables you to retire in financial security and lead the lifestyle you desire to the end of your days.
…. and invest wisely
How you invest can make a huge difference to the retirement income that you end up with and a professional financial adviser will help you maximise your return over the long term.
In fact, they’ll do an awful lot more than that! At Infinity, our advisers:
- Help you define your pension goals so you know what you are aiming for
- Advise on investments that can help you achieve those goals and maximise return
- Ensure that your investments are aligned to your tolerance to risk
- Recommend suitable products to help you protect your wealth
- Review your situation regularly to ensure that you are on track to meet your target
- Revise your financial plan as necessary
- Help you stay motivated over the long-term
If that sounds like the kind of service you are looking for, why not contact us for an initial consultation? We’ll match you up with a financial adviser and arrange an introductory meeting to discuss your needs.
If you are wondering what happens in that first meeting, take a look here.
Get in touch now and start your journey towards financial security in retirement.
A leading provider of expat financial services and wealth management services across Asia.