There are now 1.4 million workers aged 65+ in the UK, up from 457,000 at the beginning of the century.
What’s behind the increase?
Wealth is the key factor in determining whether people choose to stop working. One study in 2002 found that 20% of the poorest fifth, and 28% of the wealthiest fifth 55-64 year olds retired early. Jump forward to 2018, only 7% of the poorest fifth were retired compared to 24% of the wealthiest fifth in that same age group.
What type of work are they doing?
Those 65+ are mostly self-employed or part time working, however an increasing number are carrying on in full-time employment because they simply don’t have the financial security to do otherwise.
What about people who want to stay in work?
Workers that have a wealth of knowledge to share may choose to stay in work as it suits their lifestyle and wellbeing. The key word here is choose. Others may choose to retire. But this choice is becoming increasingly the preserve of the wealthy.