Reaching retirement age no longer means giving up work

Blog posted

2nd March 2015

retirement-seminarsoriginalOver the past 12 months we have witnessed the increase in people in employment choosing to live in one of our retirement villages.

This reflects the bigger UK picture – more men and women are working way beyond retirement age. In fact in Oct 2014, the total figure broke the one million barrier for the first time

It’s an interesting development in retirement behaviour. Speaking in general terms, work is a financial necessity for some people while for others it is purely a personal choice.

What is becoming very clear from our own retirement village experience is that the grey market is taking positive action to plan its own destiny.  Rather than sitting back and waiting for things to happen, our retirees are taking matters into their own hands to ensure they get the very most out of life post-60.

Why taking control of your own destiny is crucial

There is growing emphasis on controlling your own destiny as age creeps up on you, not least because of the financial implications of living longer. A study by the Cass Business School, published by FT Adviser, says that quantitative easing and inflation on investments will be the biggest concerns for the older population.
Planning ahead is crucial according to think-tank Centre for Economics and Business Research. Its latest report says that few people aged over 65 will have set out plans for their future care despite the fact one in three of will develop dementia, around one in six people will require nursing or care home support while nearly half will need some form of care.

If my own evidence is any indictor, Retirement Villages does appear to attract a sector of the older population who are super organised and do have matters in hand.

For instance, they have resolved their property situation, placing it at the top of their retirement ‘to do’ list. How many people do we know between us who choose to sit tight in their larger-than-necessary family home with the sprawling garden long after the time has passed when they should have moved out to something more manageable?

Downsizing in retirement to a purpose-built retirement apartment or bungalow is a positive and sensible step; it’s also future-proofing for whatever the years ahead may throw your way.

As well as considering your property needs, finance, health and social welfare are key factors to focus on in retirement. From time to time we run retirement seminars (pictured below) that cover some or all of these aspects. Our next one is at our Essex retirement village, Moat Park, on Monday 16th April. If you live locally or happen to be in the area you will be most welcome. To find out more about our forthcoming events, click here.

Working in retirement

Meantime, back to the theme of this blog – retirement living while you work. What better example is there of people taking control of their own destiny, being positive and really looking to get the most out of life.

We recently caught up with two of our ‘working’ residents. One, Jenny Pardington, battles her way among the thousands of commuters heading into London every day while the other, Michael Jackson, puts on his stationmaster uniform before heading down to his local railway line to carry out his duties. Both of their stories are captured on our news section.

These are inspiring stories but I very much expect them to become the norm over the coming years as more and more people choose to continue to go out to work. The official age of retirement will become irrelevant; ageism in the workplace will be a thing of the past (hopefully) and our workforces will be spread across several generations.

While for some, this will be motivated purely because of the financial situation they find themselves in, for others the decision may be driven by a desire to maintain fitness and health levels or purely for the social setting that work can provide. Whatever the reason, one thing is for sure, the working population is set to grow older and for me that’s a good thing.

However old you are at present, what do you genuinely think to the idea of working into your 70s or possibly 80s? I would value your thoughts….

Sarah Burgess