{"id":11367,"date":"2023-05-24T11:46:28","date_gmt":"2023-05-24T03:46:28","guid":{"rendered":"https:\/\/www.infinitysolutions.com\/?p=11367"},"modified":"2023-05-24T11:47:52","modified_gmt":"2023-05-24T03:47:52","slug":"do-you-want-to-work-past-70","status":"publish","type":"post","link":"https:\/\/www.infinitysolutions.com\/blog\/do-you-want-to-work-past-70\/","title":{"rendered":"Do you want to work past 70? If not, start planning now."},"content":{"rendered":"

In 2022, nearly half a million people above the age of 70 were still in work in the UK. Don\u2019t fancy working into your eighth decade? You\u2019d better start planning now.<\/em><\/p>\n

Huge increase in workers over 70 <\/strong><\/h2>\n

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<\/a>, the online community for over 50s.<\/p>\n

\u00a0<\/strong>King Charles III is perhaps the world\u2019s 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.<\/p>\n

Stuart Lewis, Chief Executive at Rest Less, lauds the new King as \u2018a fantastic example of someone who both enjoys, and benefits from, continuing to work past pension age.\u2019<\/p>\n

But that\u2019s 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.<\/p>\n

Stark economic retirement choices <\/strong><\/h2>\n

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.<\/p>\n

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.<\/p>\n

In the UK, Which!<\/a> deems the state pension of \u00a3203.85 per week (\u00a310,600 per year) as inadequate to cover the essentials of a single-person household.<\/p>\n

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.<\/p>\n

25% of the over 50s in Britain have no private pension savings<\/a> while in the US<\/a> 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.\u00a0<\/strong><\/p>\n

For choices in retirement, start saving\u2026.<\/strong><\/h2>\n

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.<\/p>\n

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.<\/p>\n

\u2026. and invest wisely<\/strong><\/h2>\n

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.<\/p>\n

In fact, they\u2019ll do an awful lot more than that! At Infinity, our advisers:<\/p>\n