Best Accountants in Barnsley

For all the talk of recessions and rising inflation and interest rates, employment levels seem to be higher than ever. As of this summer, the UK unemployment rate sits at an estimated 3.5% – the lowest it’s been since 1974. This may be partially due to the fact that more people in the UK over 65 years old are either remaining in work or going back to work even after reaching retirement age. Figures from the Office for National Statistics reveal that in the second quarter of 2022, the number of people in employment aged 65 or above increased to a record 1.468 million. The increase of 173,000 from the previous quarter was also a new record. You may be wondering what exactly this means. Is it good or bad news for our ageing population that older people are working for longer? Will it become necessary for people over 65 to continue working instead of retiring when they reach State Pension age? Here’s what you need to know about these record-breaking statistics, and what you should do if you’re worried about planning for retirement or continuing to work as a pensioner.