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Are limited company contractors more likely to work past retirement age?

Tuesday 10th January, 2017
Limited Company
Contractors have the power to choose their own working hours, meaning they could continue to put their skills to use in order to carry on making money well after the traditional retirement age.

According to statistics published at the end of last year by the British Social Attitudes Survey, a growing number of people in the UK are interested in carrying on working after the age of 65, with contracting and freelancing both styles of working that would enable them to do this.

Almost half (47 per cent) of respondents to the survey said they would be happy working beyond the retirement age if they had the option of working flexibly, which is something that limited company contractors have throughout their careers.

In addition, 46 per cent of those questioned reported a desire to continue working on a part-time basis once they have reached the age of 65.

Again, contractors can decide for themselves how many hours they would like to work, meaning this could be an option for individuals who don't want to stop using the skills they have spent years developing, but want full control over their working hours.

Meanwhile, 30 per cent of workers said they would like to continue working past the retirement age, but in a less demanding role. Therefore, offering their knowledge and expertise on a freelance consultant basis could be an attractive option.

The survey also showed that the number of over-50s in work in the UK is currently at a record high, with 70.8 per cent of people in this age category still in some form of employment. Some 30 per cent of the country's workforce will fall into this demographic by 2020, so flexible working in the form of contracting and freelancing beyond the traditional retirement age is only likely to become even more popular.

Employment minister Damian Hinds commented: "There are more older people in work than ever before, but we know that many leave the workforce earlier than they'd like.

"Having greater flexibility over when and for how long they work is clearly something that appeals to many people."

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