It’s hard to know whether to rejoice or grumble at news from the International Monetary Fund (IMF) that the days of early retirement could be over, because “70 is the new 50”. In a publication entitled The Rise of the Silver Economy, the organisation which monitors global economic trends, found we’re fitter, sharper and healthier than our forebears once we hit our seventh decade, with people in their seventies found to have the same cognitive and physical function in 2022 that people in their fifties had in 2000. While this is welcome news, the bottom line is that people need to keep working later into life – because the economy requires it. The data came from 41 different countries with the financial agency suggesting that nations should “harness the potential” of ageing populations to boost financial growth and offset a growing imbalance between workers and retirees. (Photo: pcess609/Getty/iStockphoto)

Tony Lancaster: 'Still going - and enjoying it'

For some people, continuing to work in later life is more of a pleasure than a chore. Tony Lancaster, 71, still works at the law firm he founded in 1988 and sold in 2020, Lancasters Solicitors. “Most of my friends are retired or semi-retired, but I’m still going full throttle, and I enjoy it,” he says. “The clients know me, and I know the work well. I do find the ever-changing technology challenging, but I enjoy the contact with people of all ages and that would be difficult to replicate if I stopped working. My income gives me the freedom to live as I want while enabling me to leave my private pension untouched.” In 2022 there were 446,601 people above the age of 70 still in work, a rise of 61 per cent on the 2012 figure, according to Rest Less, an online community for the over-50s that offers a job site and advice to older workers.

Challenges to staying in the workplace

“Fundamentally it’s highlighting an important and positive trend,” says Rest Less founder, Stuart Lewis of the IMF’s statement about over-seventies. “But there are a lot of challenges that make it more difficult for people to stay in the workplace, primarily their physical health, and the interlinking elements of the health service that can be a barrier – if you’re on a waiting list for surgery, you can’t get back into the workforce”. Health isn’t the only factor. Years of long commutes and stressful days also add to many people’s desire to retire. Studies show that approximately 38 per cent of people plan to retire by 60, and a smaller percentage (19 per cent) before 50. (Photo: Joe Giddens/PA)

'The 100-year life is happening now'

Lyndsey Simpson is founder of 55 Redefined, an organisation that provides the UK’s active over-fifties with a job site, support and advice. She points out that retiring in our fifties or sixties if we’re fit for work is going to leave a lot of us with way too much time on our hands. “There’s been a real lack of education in society that the 100-year life is happening now. It is a very real prospect that one in two people will have a lifespan into their 100th year. And so that means that how we think about work being a proportion of our life is really important because it’s very difficult to fill seven days a week, 24 hours a day without any form of purposeful activity within it.” The important thing, says Lewis, is to recognise that people need to have a choice. “For those that want to keep working – for example, business owners who keep going into their late seventies or eighties because they love what they’re doing, why not carry on?” (Photo: AlxeyPnferov/iStockphoto/Getty)

Tricia Cusden: 'I don't need the income'

One such business owner is Tricia Cusden, 77, a Wimbledon-based entrepreneur who runs the beauty business she launched at 65, Look Fabulous Forever, with her two daughters, after a career in management training. “The benefits I get from working are phenomenal. I’m three years off turning 80, but with the way I feel psychologically, emotionally and physically, that age doesn’t even compute,” she says. Tricia is the public face and voice of the brand, guesting on panels and podcasts, appearing in photoshoots and blogging to her following of 15,000 people. “Financially I realise I’m in a privileged position – I don’t need the income, but the benefits of working are huge, especially cognitively”. Of course, not everyone is able to run their own company and pick their hours – and socio-economic factors will play a huge part in this. “Someone who is 53 and in the most deprived segment of the country has the same chance of having a disability as somebody who’s 70 and lives in the most affluent area, and that obviously leads to enormous differences and gaps in both ability and desire to work into later life,” says Lewis. What’s more, physically demanding ‘blue colour’ jobs may not suit older bodies. “There are always those who defy the stereotype, but it becomes harder, on average, for people to do manual jobs – if you’re an electrician and you’ve got arthritis in your hands, it’s very hard to keep doing that kind of physical work,” says Lewis. “In such cases, it may make sense to look at transferring that knowledge and experience to a more administrative role in a bigger organisation or contemplating a career move into something different.”

John Martin: 'Staying mentally sharp'

Some people enjoy work – or rely on the income – so much that they just keep going indefinitely. In 2022, there were 35,488 people aged 80 or older still working in the UK, according to Rest Less. At 83, Redbridge events coordinator John Martin is still putting the skills and knowledge he’s built up over a long career in the travel and hospitality industry to good use. “I work a few hours a day for The Wentworth Collective, an events company, negotiating hotel rates and arranging excursions. Over the years I’ve built up negotiating skills, and with my contacts I can get amazing deals. At my age if I looked for a job I wouldn’t get one, so I’m lucky to be in a position to keep doing the work I love. For me, it’s not about the money, but staying occupied and mentally sharp.”

Yuen Lambert: 'I have something of value'

A full-time role as nurse lead and manager at SpaMedica, a private eye hospital in Haydock, St Helens, may sound demanding for a 70-year-old, but it has turned out to be a perfect fit for Yuen Lambert, from Wigan. “When I retired in March 2020 from the NHS after 45 years in nursing, I soon got bored, so I joined the team at Haydock coronavirus testing centre at the start of the pandemic, later getting my current job,” says Lambert, whose role involves lots of train travel to the different hospitals in the consortium. “It’s demanding but I love my job and feel I have something of value to pass on to the next generation of nurses. I share what I earn with my children. For me, work is important and I’m still contributing to society and my profession.”

The reality of 70-somethings job hunting

Continuing to work later in life may soon become essential for many of us. The IMF suggests that governments could change pension ages and encourage workers to delay their retirement, even slashing early retirement benefits to ease fiscal pressures caused by an ageing population. But while in theory this may work, and it’s inspiring to know that people like Lambert, Cusden, Martin and Lancaster are still very much an active part of the working world, the reality of finding a job in our seventies is far less positive. Nearly half of recruiters consider applicants too old to be considered for a job at just 57, according to research in October 2024 by Totaljobs. The study revealed that millions of older people risk being overlooked for jobs because of “entrenched” ageism in recruitment, which could mean £138bn is lost in economic output in England and Wales alone as a result. (Photo: Joe Giddens/PA)

'Remain curious'

“Ageism is rife in the world of work,” says Lewis. “I think what’s particularly nuanced about ageism is the link between age and hierarchy. Most senior FTSE 100 management teams will be in their fifties and sixties, as are most senior politicians – and no one bats an eyelid. Where ageism really bites is in middle management.” To make your job search easier in your latter years, Lewis says the key is making sure that you’re visible. “Have a presence and an online profile and engage in the platforms that enable you to get work, like LinkedIn or our 55 Redefined jobs board.” His other tip? Remain curious. “If you believe in lifelong learning, and put yourself through the range of free online courses that are available, then you are positioning yourself to be far more employable. Older people who engage with today’s work topics and take responsibility for their own learning and development are the ones who thrive.” (Photo: mixetto/Getty/E+)