Contractors are proving that age is no barrier to success
The UK is currently home to over one million company directors aged 65 and over according to recent research using data from Companies House. There are currently around 582,000 UK businesses in the UK which have one or more directors who have passed the traditional retirement age.
That figure represents 16 per cent of all the businesses in the UK, and is more than double the number of businesses that have a director aged 30 or younger, which only number 296,000 currently.
The ages of the 3.5 million company directors in the UK reflects to some extent the trend seen throughout the UK population which is also ageing. 11.1 million UK residents are aged 65 or older, which represents around 17 per cent of the population, a 17 per cent increase since 2003.
When compulsory retirement was outlawed in 2011, it allowed older staff to continue working and making inroads into directorial roles, using their skills and experience to the benefit of the companies they worked in.
Medical advances have also ensured that people are living longer, while technological advances and the embracing of more flexible working practices have allowed older workers to extend their professional lives beyond the normal working age without sacrificing all the freedom of retirement.
There are also an increasing number of women choosing to work into their later lives, many of whom had taken a career break earlier on in their professional lives to raise their children. By setting their sights on the top jobs, women who choose to make the most of their career ‘second wind’ are proving their worth in directorial roles throughout the UK.
Many of those workers who are working beyond the traditional retirement age, whether through choice or to fund their eventual retirement, are appreciating the benefits of contracting, offering as it does the flexibility and the career choice that isn’t always available with employed roles.
If you are considering your future, and think that contracting could provide the kind of lifestyle that you aspire to, then you can get an idea of what you could be earning using our contractor calculator. We also have a range of resources designed to provide you with all the information you might need, including our guide to IR35 and information about the advantages and disadvantages of a limited company.
For advice on how you can prepare for your retirement, whatever your plans may be, our expert accountants are on hand to help you have the future that suits you best, so call today on 01442 275789 or email firstname.lastname@example.org for details of our services.