15% of retired persons start up their own business
The numbers of people working past the state retirement age are set to more than double in the coming ten years. Companies estimate that over 6% of their workforce will be 65 years or over by 2019.
At 60 years old and at a time in his life that he was expected to retire, David Garman, chairman and founder of Mangar International, established the company and is still working now, 30 years on. David recently celebrated his 90th birthday and can still be found at his desk at 9.00 am each morning.
To celebrate his 90th birthday, David was invited as one of the guests at HRH the Queen’s Garden Party at Buckingham Palace. The Queen, aged 86, and HRH Prince Philip, aged 91, walked amongst and greeted their guests for over two hours. In the same week, HRH the Queen attended the Chelsea Royal Flower Show, and has also been visiting different areas of Britain seemingly inexhaustibly as part of her Diamond Jubilee celebrations, setting a wonderful example of someone who is still fulfilling all her duties despite her years.
By 2046 state retirement age will be 68 years and as more and more people find that their pensions are worth less and less, they will have very little choice but to work for longer. Finance directors in the north of England believe that figures will increase to 16%, which will have serious implications for the employment market, in which case we shall need very many more entrepreneurial pensioners! Such inspiring role models are certainly needed to spur on the flagging spirits of people working past the state retirement age.