Hi Ho, Hi Ho… it’s still off to work we go!
The number of older people in work has reached its highest levels since records began, according to Saga.
Recent figures from the over 50s service provider have revealed that there are now more than a million over 64s in employment, an increase of a third since May 2010.
While many may think the majority of older workers are only staying in the rat race to make up for a poor pension or lack of savings, the truth is that 88 per cent do so because they enjoy their jobs and feel they benefit socially.
Richard Espley, Head of Equity Release at Goldsmith Williams, comments:
“It’s great to hear that the majority of older workers are staying in employment by choice rather than necessity – a thought that seems pretty alien to those of us for whom retirement is a very distant dream!
“However there are still many older employees who have very little choice but to remain working purely for financial reasons. Maybe they have been unable to put enough money in their pension plan or perhaps they had unrealistic expectations of what annuity rates are currently paying out. Whatever the reason, I can’t imagine for these people the nine-to-five brings much joy. If that is the case then they may wish to consider equity release.
“Equity release allows a homeowner to unlock some of the value in their property whilst retaining the right to live there. With certain plans they would not need to make any repayments and can choose to release equity in a one off lump sum or in smaller, more regular amounts.”
Content correct at time of publication