Whether through choice or necessity more women over 60 are working than ever before. 20 years ago only 35% of women worked beyond 60, but now that figure has jumped to 51.5% (according to the Office for National Statistics).
When we all started work the expected retirement age was 60, but with changes in legislation, many will now have to wait to the age of 67 before being eligible for the state pension, and with current annuity rates so low, many cannot afford to retire on their private pensions.
We have talked many times Reinvention as opposed to Retirement , and with our energetic and positive approach to life most of us in all likelihood many of us would probably feel they would like to work in some capacity beyond 60, even if lucky enough not to have the financial requirement to do so.
But what are the implications of women working longer?
Having the right skills
We all have to take personal responsibility for ensuring we have the marketable skills to remain employable . Even if in employment, keeping monitoring the skills that employers in your field are requesting – don’t fall behind – keep learning. Go on training courses – even if you have to fund them personally, or look for online webinars and tutorials if appropriate. Not only will this make you more employable to future employers- but updated skills will also make you more valuable to your current employer.
Setting up a business
Businesses set up by those over 50 have a greater chance of success than those set up by any other age group. PRIME has excellent resources to support the over 50s in their entrepreneurial ventures.
To remain economically active – we have to look after our health. When it comes to applying for jobs, we may not be the youngest candidates attending interviews, but we can certainly ensure that we are amongst the healthiest. Small lifestyle changes we make today can have enormous impact on our ability to be economically active for longer and to have a better quality of life if and when we do ever retire!
The role of carer for elderly parents and family members typically falls on the daughter in the family, placing additional pressures on working women, as well as perhaps supporting their own children by looking after grandchildren . Clear lines and open discussions are needed regarding expectations. If you do have responsibility for caring for an older person – look to see if there is any possibility of flexible working. There are discussions taking place regarding proposed legislation to extend flexible working rights to carers – so do keep abreast of any changes which might affect you.
How do you see your own future – do you plan to take traditional retirement – and if so at what age? Or are you looking to reinvent your life?