One million UK directors are aged over 65

According to figures, more than one million company directors are now over the age of 65. Around 428,000 are registered as self-employed and 582,000 businesses are employing directors that are over 65, the current age for retirement in the UK, bringing the total to 1,010,000. In fact, if you are aged over 65 you are twice as likely to be employed as a company director than someone aged under 30, according to the figures.

One of the main reasons for the shift is simply because we are living longer. Lifestyle choices are better and we are living in an age where the standard of healthcare is improving all the time. People are also much more educated about healthier living – and the result is older age. Today, 11.1million people are now aged 65 or over in the UK – a 17% increase since 2003.

The environment we live in also has a part to play in working longer. Flexible working and the advances in technology allows more people to work part time or from home, so the need for a fast-paced working lifestyle at 65 doesn’t necessarily need to exist.

What’s more, the same research also reveals that there has been a steady increase in the number of self-employed workers in the UK.  The 428,000 figure in paragraph 1 represents around 9% of the self-employed workforce.

It could simply be a personal choice – many people see the benefits of working past retirement age, even if they are secure financially. Compulsory retirement has been largely outlawed since 2011, making it easier for older people to remain in employment if they choose to. However, the recession has also been referenced as a contributing factor for people working beyond 65.

It is expected that the majority of people will now have to work beyond the traditional age of 65 in order to fund their retirement, however, the choice may be taken away. Those in their mid-thirties already face a retirement age of 69 – and if life expectancy continues in the upward trend, then it could raise even higher.

If you feel that you could benefit from some legal advice in relation to your employment, then why not contact one of the employment law team at Verisona Law to see how we can help? 


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