Number of Pensioners in Work doubles
The number of pensioners working has increased over the last few years.
There can be several reasons. The most obvious one is that the financial crisis has brought down the value of the pension pots and hence people are having to work to subsidise the income.
Secondly the “baby boom” generation is reaching retirement which means that there are physically more people at that age in the population.
Thirdly improved standard of health is allowing people to work longer.
Since 1993 the number of pensioners working has increased from 753,000 to 1.4 million – almost double. Most of that increase has been since 2000.
However, it is not just the increase in numbers of the population, the figures show that 12% of pensioners are working as opposed to7.6% in 1993.
There are some concerns that older workers are stealing jobs from younger unemployed workers, of which there are an increasing number, but economists say this is not true.
So what are these retirees doing?
Private buy-to-let landlords are included, as “property managers”. This is a popular role of older men who are finding that they can get a reasonable income from ‘letting property’.
Other jobs being undertaken by men include taxi driving and farming. There are also signs that executive level workers are choosing to work longer with high numbers of marketing and sales directors, production managers and chief executives among older male workers.
The women tend to do less lucrative tasks such as cleaning, administration assistance, care working and retail.