The average age of the population of the UK reached 40 for the first time in 2015 and there are more than 10 million people aged over 60, with that projected to almost double over the next 30 years. This is dramatic demographic change to the population comes with a raft of problems but also opportunities as well.
With up to 30% of the population eligible to claim a pension, either from the state or from a private pension scheme and the life expectancy after retirement rising, pensions are becoming a hot button issue. The government has raised the age at which you may claim a pension from the state to 66 beginning in October 2018, and further rises are planned to cut the cost of providing the state pension.
To avoid an extension to your working life that is out of your control, it’s best to explore your options for paying into a private pension: it’s never too early to start this, as even small contributions at the beginning of your career can help you as you reach its end. Even if this is a long way in your future, this can give you much greater flexibility over when you retire, as well as giving you more money to enjoy your retirement with.
An aging population requires different jobs and services to a young one, and this is something to consider if you’re looking for a career to last a lifetime. This could range from a retail outlet specialising in products for the over-60s, to looking into whole sectors of industry for older customers.
Financial services for people facing retirement will only become more necessary as time goes on, be that selling or administering pension schemes, or agents specialising in helping older people sell property to downsize or move into specialist accommodation. It’s also worth noting that you’ll acquire valuable expertise here to help you manage your own retirement plans.
Health care is also a booming employment opportunity, in both the private and public sectors. You don’t have to be a brain surgeon: the aging population needs support at all levels, from specialist care for Alzheimer’s patients to help smartly adapting their homes for their changing needs. Allied health jobs are a smart choice for someone with health care experience looking for a futureproof career that will keep them challenged and fulfilled.
Standard home loans typically involve consistent regular payments to a lender. However, when you apply for a reverse mortgage on your home you will be under no such obligation. In fact, you are the one who will receive money every month from your lender for the length of time specified in the loan agreement. If you are looking for a reverse loan disadvantage the biggest one is that you will not be allowed to move out of the home while the reverse loan agreement is still in place. The advantages of such loans, meanwhile, are the fact that you can retain home ownership, the lack of a monthly mortgage bill, and the ability to use the converted equity for the purpose or purposes of your choice.