It’s challenging to decide if we should celebrate or complain about the information from the International Monetary Fund (IMF), which suggests that early retirement might become obsolete since “70 is the new 50”. This insight comes from a document titled:
The Emergence of the Silver Economy
The organization tracking worldwide economic patterns discovered that individuals today are more fit, mentally sharp, and healthy compared to previous generations when they reach their seventies. In fact, folks in their seventies in 2022 exhibit similar levels of mental acuity and physical capability as those in their fifties did back in 2000. Although this is good news overall, the underlying reality points towards an increased necessity for people to continue working longer—since
the economy
requires it.
The information was sourced from 41 distinct countries where the financial authority recommended that these nations ought to “utilize the opportunities” presented by their aging demographics to stimulate economic development and counterbalance the increasing disparity between the number of employees and pensioners.
For certain individuals, working into their later years can be more enjoyable than burdensome. At age 71, Tony Lancaster continues to work at the law firm he established back in 1988 before selling it in 2020.
Lancasters Solicitors
I have many friends who are either fully or partially retired, yet I’m still operating at full speed, which I really like,” he states. “My clients are familiar with me, and I am thoroughly acquainted with what needs to be done. While new technologies can sometimes pose challenges for me, interacting with individuals from various age groups makes up for this difficulty, something hard to achieve if I were not working anymore. The money I earn allows me to maintain the lifestyle I desire without touching my personal savings.
In 2022, there were 446,601 individuals over the age of 70 who remained employed, marking an increase of 61 percent compared to the figures from 2012, as reported.
Rest Less
, an online platform designed specifically for individuals above 50 years old, providing them with employment opportunities as well as guidance for senior employees.
“Basically, it emphasizes a significant and favorable development,” he states.
Rest Less
The founder, Stuart Lewis from the IMF, commented on issues concerning individuals aged seventy and above. “However, numerous obstacles hinder older folks from remaining employed; mainly their physical well-being, along with related aspects of healthcare services which pose barriers—should one be awaiting surgical procedures, returning to work becomes unfeasible.”
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Health is not the sole consideration. Many individuals’ longing for retirement is also fueled by years of lengthy commutes and taxing workdays.
Studies show
That about 38 percent of individuals intend to retire by age 60, with an even lesser portion (19 percent) planning to do so before turning 50.
Lyndsey Simpson is the founder of
55 Redefined
, an organization that offers jobs and support to those in the U.K. who are over fifty years old. She highlights that choosing to retire during our fifties or sixties when we’re still capable of working might result in many individuals having far too much free time. “Society has truly lacked proper understanding regarding the reality of living up to 100 years nowadays. There’s a significant chance that half of all people could live well past their hundredth birthday. This implies that considering work as part of our lives becomes crucial since filling every single hour of each day throughout retirement can be extremely challenging without some kind of meaningful engagement.”
According to Lewis, the crucial aspect is acknowledging that individuals should have options. “For those who wish to continue working — such as business proprietors who persist,”
well into their seventy-eights or eighty-olds
because they love what they’re doing, why not carry on?”
One example of such a business owner is Tricia Cusden, aged 77, an entrepreneur based in Wimbledon who started and operates her own beauty business after launching it when she was 65 years old.
Look Fabulous Forever
, alongside her two daughters, after spending decades in management training. “The advantages I gain from continuing my work are incredible,” she states. At nearly 77 years old, she feels vibrant both mentally, emotionally, and physically, adding that her current age seems irrelevant due to how well she’s doing. As the prominent figure for their brand, Tricia engages as a panelist and podcast contributor, participates in photo sessions, and maintains an active blog reaching over 15,000 followers. She acknowledges being financially fortunate—she does not require additional earnings—but emphasizes that the cognitive perks of staying engaged professionally far outweigh this aspect.
Certainly, not everybody can manage their own business and choose their working hours—and social and economic elements will significantly influence this. “A person aged 53 living in the poorest section of the country faces the same likelihood of having a disability as someone who is 70 and resides in the wealthiest area; this clearly creates substantial disparities and gaps in both capability and willingness to continue working as they age,” explains Lewis.
Moreover, physically strenuous ‘blue-collar’ jobs might not be suitable for older individuals. “While there are exceptions, generally speaking, as people age, they find it increasingly difficult to perform manual labor,” explains Lewis. “For instance, if an electrician suffers from hand arthritis, continuing with this type of physical job can become extremely challenging.” In these situations, it could be wise to consider leveraging their expertise and experience in roles like administration within larger companies or exploring entirely new career paths.
Many individuals find such joy in their jobs – or depend so heavily on the earnings – that they continue working without pause. In 2022, there were 35,488 people aged 80 or above who were still employed in the UK.
according to Rest Less
At 83 years old, John Martin, who coordinates events at Redbridge, continues to utilize the expertise and experience gained from his extensive career in the travel and hospitality sector. He dedicates a few hours each day to this role.
The Wentworth Collective
, an event management firm, handles hotel rate negotiations and organizes excursions. Throughout the years, I’ve honed my negotiation abilities, and through my network, I manage to secure fantastic deals. Given my age, if I were to search for employment elsewhere, chances are low of finding a suitable role. Thus, I feel fortunate to continue engaging in work that brings me joy. To me, it isn’t about financial gain; rather, it’s about remaining active and keeping my mind agile.”
A position as a nurse leader and manager at SpaMedica, a private eye hospital located in Haydock, St Helens, might seem challenging for someone who is 70 years old; however, it suits Yuen Lambert perfectly. She hails from Wigan. “After retiring from the NHS in March 2020 following four decades in nursing, I quickly grew restless,” explains Lambert. “So, early during the pandemic, I started working at the Haydock coronavirus testing center before transitioning into my present role.” Her duties include extensive travel across various hospitals within the consortium using public transport.
It’s challenging, yet I enjoy my role and believe I have valuable knowledge to impart to upcoming generations of nurses. The income I generate supports my kids as well. Work holds significant importance for me, and I am still making contributions to both society and my field.
Extending one’s working years into older age might soon be necessary for numerous individuals. According to the IMF, authorities have the option to modify pensionable ages and motivate employees to postpone retiring, potentially reducing early retirement incentives as well, all aimed at alleviating financial burdens brought about by such pressures.
an ageing population
However, even though this idea might seem feasible in principle and it’s uplifting to be aware that individuals such as Lambert, Cusden, Martin, and Lancaster remain actively engaged in their professions, the actual process of securing employment in our seventies tends to present a considerably more discouraging picture.
According to data, roughly fifty percent of recruiters deem candidates as too advanced in age for employment consideration when they reach 57 years old.
A study conducted in October 2024 by Totaljobs
The research showed that millions of elderly individuals face potential exclusion from employment opportunities due to deeply rooted age discrimination during hiring processes. This issue could lead to an economic loss of up to £138 billion in output solely within England and Wales.
Age discrimination is widespread in the workplace,” states Lewis. “What makes ageism complex is how it intertwines with hierarchical structures. Many top executives at major companies like those listed in the FTSE 100 tend to be around fifty or sixty years old, just as many high-ranking political figures do, and nobody seems surprised. However, where ageism truly becomes problematic is among mid-level managers.
To simplify your job hunt as you advance in age, Lewis emphasizes the importance of visibility. “Ensure you have a presence and maintain an online profile, engaging with platforms such as LinkedIn or our 55 Redefined jobs board that help connect you with potential employers.”
Another piece of advice he offers is to stay curious. “Should you embrace continuous education and enroll in various free online courses accessible nowadays, you’ll enhance your chances of finding employment. Individuals who actively participate in current industry discussions and assume ownership over their personal growth tend to excel.”