Why many over-60s are choosing to be self-employed and work past retirement age
The number of people over the age of 60 who are self-employed has reached a record high of almost one million, research suggests.
The total number of workers who are self-employed is around 4.3 million, according to the study by Rest Less, a digital community for over-50s.
While the number of self-employed workers in their 50s and older has grown since 2021, it is specifically those in their 60s who have set a new record high.
There were 991,432 self-employed people aged 60 or over in 2023 – an increase of 33 per cent in a decade.
While the number of self-employed workers in their 50s and older has grown since 2021, it is specifically those in their 60s who have set a new record high (stock image)
This meant over-60s made up 23 per cent of the UK’s self-employed workforce while over-50s made up 49 per cent.
Some 223,086 of those who were self-employed were over the age of 70, the report added.
Stuart Lewis, chief executive of Rest Less, said: ‘With the state pension age soon to be 67 and set to go higher still, many people are choosing to work beyond the point of traditional retirement.
‘For many, self-employment is a great option as it allows people to remain active and engaged in the community and workforce whilst also providing greater flexibility – leveraging their skills, experience and network to make an impact.
‘The decision to go self-employed can be driven by wildly different sets of circumstances from people living comfortably and pursuing an entrepreneurial passion to those who are forced to generate an income and have not been able to find a permanent solution in the mainstream workforce.
‘The cost of living crisis of recent years has made it particularly challenging for those relying solely on their state pension and we’ve seen an increase in the number of people turning to self-employment to provide an additional income source and top up pensions whilst they still can.’
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