Recent years have seen an increase in the average life expectancy, thanks to advancements in medicine and improved awareness of looking after our health.
Alongside this, retirement age has increased, with the average age now sitting at 65 and some, particularly in the capital, working until 70, according to financial experts Fool.co.uk. But does longer life expectancy mean people will work into much later life?
Financial Preparation
Current high living costs in the UK will encourage more of us to plan ahead for retirement. Pensions are generally not as generous as before, and it’s harder to put money into savings. Putting money away wherever possible is sensible, as is drawing up a plan of how much you’ll need for a comfortable retirement.
It’s also sensible to get a Lasting Power of Attorney in place while you can, to safeguard your future. It’s possible to get an LPA online, thanks to specialists such as //powerofattorneyonline.co.uk.
Career Changes
There’s reason to believe working until later in life could have some advantages, too, giving people more opportunities and time to retrain and try different roles.
Increasingly, older adults are taking gap years. Once a privilege for the young, taking a gap year is a great way for older people to spend time with grandchildren, retrain, or travel.
Part Time Working
You may find working part time gives you a great work life balance instead of complete retirement, allowing you to keep some structure to your week and keep your mind active.