In 2016, the number of people in the UK over the age of 65 was 11.8 million. By 2066, that figure is predicted to rise to 20.4 million making up 26% of the population.
With access to better health care, better food and the fact that a lot of people today are taking better care of themselves both in mind and body, people are living longer. The average life expectancy in the UK today is 79.2 years for men and 82.9 years for women.
Currently the retirement age in the UK, the age at which you can claim state pension is 65 for both men and women. But because of the growing number of people living well into their 70s with good health, the UK government has decided to increase the retirement age to 66 by October 2020 and 67 between 2026 and 2028.
The argument is, no matter what ripe old age we live to, we can’t and won’t function the same in our 60s as we did when we were in our 20s.
Now, I am not sure how well a bricklayer, plasterer, electrician or anyone working one of the thousands of other very physical, manual and on your feet all day types of jobs will fare if they were forced to carry on working until they are 66 or 67.
Our general health may be better than people in their 60s back in the 1970s and 80s and we may love longer but we still slow down and excessive physical work will take its toll on the body.
Many people who have worked physically demanding jobs most of their working lives suffer from injuries and complaints brought about by the type of work they have been doing. For many of us, working in the same kind of job until we are 66 or 67 is simply not possible.
Maybe a politician who spends most of their days walking, talking or sitting can carry on that routine until they are in their late 60s, but very few joiners will be swinging 1 hour fire doors around at 66. I can’t imagine there will be many serving fire personnel climbing ladders fast to rescue people from a burning building at that age either.
So the question is, if we can no longer carry on doing what we are doing now, what are we going to do up to our late 60s?
And more importantly, if we still have a sound mind, good health and a lust for life when we do eventually retire, what then?
Well the great news is that we now live in a new world. One with far more opportunities than there have ever been to start your own business or make money from anywhere in the world and at any age.
Exploding The Myth
If you are one of those people who are at the retirement age or approaching it and think that you are too old to start anything new, then please think again. There is this myth that only the young are successful entrepreneurs and that people passed the age of 45 cannot start anything worthwhile.
That is simply not true.
Yes, in the world of world class competitive sports like football, rugby, tennis and athletics, people who are in the tail end of their 30s and early 40s are put out to pasture but that is only in sports.
In every other world like business, acting, singing and art etc, people can be successful at any age.
In fact, the average age of the entrepreneur is usually between 40 and 45 according to studies done by the Kaufman Institute out of Duke University in 2018. A lot of the businesses we know and use regularly were started by people who were past the age of 40.
Many being started by people much older than the average.
Take these few examples;
KFC was founded by Colonel Harland David Sanders at the incredible age of 62. It all started around his own personal recipe. Today there are KFC franchises in nearly every major city and town in the world.
The American car giant Henry Ford was one month away from celebrating his 40th birthday when he started up his car business. He enjoyed huge success throughout his later years.
Chef Julia Child was 49 when she released her first cookbook The Art Of French Cooking, it became an instant sensation and lead to her being given a TV series 2 years later.
Lynda Weinman who founded Lynda.com was 40 when she started her online educational platform. The business focused social media platform LinkedIn paid $1.5 billion for her website.
Bill Porter started the company E-Trade at 63. After acquiring an Apple II in 1980, Bill had the idea of building a system where people could buy stocks over the internet. Luck would have it, he bumped into computer programmer Bernie Newcomb at a party and E-Trade was born.
In 1982 E-Trade made it possible for anyone with a modem to buy and sell stocks and shares online… remember this is in 1982… when the internet was in its infancy.
Wally Blume left his job and started Denali Flavors at the age of 57. His popular Moose Tracks ice cream flavour has made millions of people happy over the years… as well as probably added to the diabetes and obesity crisis the US is struggling with today.
When Paul Tasner was let go from his high-level job from a packaging company he didn’t know what to do until one day when he watched his wife struggle to open up a package with a pair of scissors. This led to him developing the eco-friendly Karta-Pack and the company PulpWorks at the age of 66.
Cherry Harker was 76 when she started ZwimZuit. The company makes bikinis from neoprene which is the material swimsuits are made from. The idea of the neoprene bikinis came from her memories of holidays she enjoyed 60 odd years ago where she remembered watching active women struggling to keep their swimsuits in place.
These are just a few people who have grown huge businesses from small ideas in their later years.
There are loads more…
Age is just a number.
Today, we have the technology and opportunities which were not available when we were in our youth. In fact, I am blown away by the story of Bill Porter and Bernie Newcomb building E-Trade all those years ago. There are people who to this day still think that it’s hard to build a business online. It can’t have been easy for Bill and Bernie back in 1982 when the internet was the equivalent of a fetus. But they did it.
If you are a person who is approaching retirement age, who is set to retire now or who has already retired and you are looking for a way to bring in money and have something to do to prevent boredom and depression setting in then please understand this, now is the best time in the history of the human race to start a business.
Either online or off.
Maybe you still have a few years before you have to face being made to retire and would prefer to do something for yourself now. Retire yourself from the day job as it were but not from making money itself, then you too can take advantage of the numerous tools and business opportunities which are available to us today.
Further Reading:
5 Ways To Earn Money Online To Supplement Your Retirement
The only real thing which is stopping you is not getting started. When a person starts, they are in a position to keep at it. It’s very hard to keep at something when you haven’t actually start.
In fact, how do you keep ‘at it’ when you haven’t yet started?
In truth, you can’t. So the first thing is to make a start… then once you have made a start. Keep turning up each day and doing some more.
The best way to walk somewhere is to put one foot in front of the other and start walking, taking one new step right after the last one is complete. You cannot reach a destination if you do not walk.
It is the same with business and as you are at that more mature age, with years of life and work experience, you are at the perfect age to go-it-alone and start a business or project of your own.
So what do you say?
Are you thinking of doing something new for yourself?
If so, let us know how it goes. Also if you have a question or two you would like to ask us then please feel free to message us on Facebook or via email at admin@kickassretirement.co.uk