Is Retirement Bad for You?
Fabafterfifty: Career
Our generation has pushed the limits and broken new ground for women in the workplace. New legislation regarding the raising of the state pension retirement age to 66 for many of us means that we are also expected to extend our working lives significantly. For women over 50 there are many options, whether you are continuing in your current career, returning to work after the children have left home or setting up a new business, we explore the possibilities.
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Article by Jan King What with the Filkin Report ‘Ready for Ageing? published in March, and today’s publication by the Institute of Economic Affairs’ (IEA) new study ‘Work Longer, Live Healthier’, retirement is a hot topic. The two reports dovetail nicely with one another. Filkin found that the fixed retirement age was no longer fit for purpose, and that our understanding of what ‘old’ really means is way out of date. He and his Committee urged governments and companies to do more to encourage flexible working for older workers. Retirement can damage your health The IEA’s report takes Filkin a step further by proving that retirement can damage your health. After the initial euphoria following retirement and that wonderful feeling of being – yippee! – on holiday, the likelihood of being in very good or excellent health decreases by 40% and the likelihood of suffering from clinical depression increases by...
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Is discrimination and short-sightedness at the root of a growing army of unemployed over 50′s?
Article by Dr Lynda Shaw Discrimination and short-sightedness is at the root of a growing army of unemployed over 50’s at a time when the mature workforce need more income. We all know that experience comes with age, but in business, experience is often put to one side because of implied associated higher costs. It is a rather short sighted business model. The problem is compounded by the fact that we are living longer, therefore we need to work longer to pay for our longevity. If we are not being allowed to work as long as we want and are able, there will be serious financial implications globally. The numbers simply don’t stack up. Many over 50s are now being forced to set up their own businesses having been pushed out of the workforce. For many this ends up working well, but for others this means a pattern of home...
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Flexible working – understanding your rights
Information from ACAS Flexible working requests are likely to increase next year when Government legislation will extend the right to request flexible working. Find out how current flexible working legislation applies to you and how things will change next year. What is flexible working? It isn’t too long since flexible working was a rare exception to the 9-5, five day working week. But many British businesses have now realised that far from being just another “perk”, offering a flexible approach to work can help them to keep talented staff who, like many of us, have other commitments outside of the workplace. Flexible working arrangements vary from working compressed or reduced hours, flexi time and working part time to job sharing or home working. TUC research published last year shows that around 1 in 5 workers aged over 55 already works regularly from home, making this the most likely age group...
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With unemployment rising for women, how do you make sure you are employable over 50?
Article by Ceri Wheeldon I read with concern today the fact that whilst the number of jobless men is falling, women’s unemployment is rising, with 103,000 women becoming long-term unemployed in the last two years. According to a new study by the Fawcett Society most of the new jobs created in the private sector are going to men. So what can we do to make sure that as women we can remain employable in our 50s and 60s? Furthermore, how do we ensure that we have the skills to ensure that we can earn a living wage, and not minimum wage? In many ways the digital economy is a great leveller – no physical strength is required and so gender is irrelevant, and when it comes to jobs requiring an element of engagement in social media – it could be argued that in fact women, who are naturally more empathetic,...
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Five top tips for doing your own books
Article by Elaine Clark With so many women over 50 setting up their own businesses, Elaine shares her top tips for doing your own books. Maintaining your own financial records – AKA doing your books – can seem daunting when you’re new to it. However, it’s an essential part of running your business and ignoring the accounts will lead to big problems later. Start From Day One As soon as you set up your business, start recording your all costs and sales you make. In fact, you may incur costs before you start up. These can still be deducted from your profits, which will reduce your tax liability. Start recording everything from day one, keep up to date and make sure you know the dates your accounts, tax, VAT, PAYE, etc are due. Late payments and returns can incur heavy fines and penalties. Get a system Set up an accounting...
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Should I set up my new business as a sole trader or limited company?
Article by Elaine Clark With many women over 50 setting up new businesses, there can often be a lot of confusion in respect to what sort of company to set up. Should you be a sole trader or set up a limited company? To help understand some of the differences, Elaine has put together some comparisons highlighting the implications of choosing one over the other. A simple comparison to see if as a business owner you would be better off with a limited company business structure or if it would be better to trade as a sole trader / self employed business owner. Why are you a sole trader? Starting a business is a tough process. Maybe you decided to be a sole trader as there was less formality and paper work involved in the set up. The decision on your appropriate business structure is not an easy one –...
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Career over 50: Reach for the STARS in your jobsearch
Article by Ceri Wheeldon Does your past performance show how you can be successful in your next role? Past performance is viewed by recruiters as a strong indicator of future potential. You need to capitalise on your past successes to make sure you get hired in your 50s. When seeking employment over 50 (or any age), focus on highlighting your achievements in past roles which can demonstrate to a potential employer how you will be able to add value to the company and the role on offer. Don’t just limit your achievements to paid employment – can you demonstrate strong organisational skills in voluntary roles? Have you contributed to the success of charity events? Then ensure these are also included. Have you previously been with a company that has gone through huge changes? Use this to show your adaptability. When hiring somebody new into a team, no hiring manager wants...
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Setting up a business in your 50s. What to ask your accountant at your initial meeting
Article by Elaine Clark If setting up a business in your 50s or becoming self employed for the first time, appointing an accountant can be daunting. Elaine Clark, our newest expert on the Fabafterfifty panel, has drawn up a useful list of questions to offer some structure to help you decide who is the right accountant for you. A question often asked by a new business owner is: “I have arranged an initial consultation with an accountant – what should I ask?” These days this consultation can take place face-to-face or virtually, via phone, Skype or other electronic means. Whatever the method, there are a few essentials that should not be neglected when you have your meeting. Fact Finding It is best to start off with some very simple fact finding questions. We’ve prepared a check list – just add / change / delete to your circumstances: How many of...
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Finding your new business idea is easier than you think!
Article by Catherine Blackburn and Chris Garden More women in their fifties are setting up businesses than ever before. But how do you decide what business to start up? The authors of Employee to Entrepreneur offer some insights. Some people harbour a new business idea for years and it is really about finding the right time and the right impetus to do it. For others though, whilst the appeal of running a business is strong, the basic business idea escapes them. If you feel that you are struggling for ideas or have a number of ideas but are unsure of which option is the best, try to take a systematic approach, write everything down and you will be surprised how the ideas start to flow. In fact coming up with relevant business concepts with real potential need not be that difficult. We all develop a very unique set of experiences...
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Jobsearch over 50: Top Tips for Video Interviews
Article by Ceri Wheeldon Are you ready for your video interview? We can all remember going for our first job interviews – all smartly dressed, waiting nervously in the company’s reception area waiting for our names to be called, and then shown in to the interview room. As technology has moved on, so have the tools used in the interview process. For many years companies and recruitment agencies have incorporated telephone interviews into the process, but skype and video interviews are now becoming more commonplace as well- with some companies using video apps in smart-phones as part of their selection process as well as inviting candidates for interviews at premises with video conferencing facilities. Video interviews and the jobseeker So what implications do video interviews have for the jobseeker? Firstly you need to ensure that you are video ready. Do you have a skype address registered ( and does it...
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