Thanks primarily to advancements in technology, freelancing has emerged as a particularly popular method of working, with more than one third of American workforce now classed as being self-employed. Freelancing is increasingly appealing to the growing social demographic of older workers.
While it is well known that young adults turn to freelancing as a way to develop tangible career success, older workers are now also embracing it in order to retain their independence while also dictating the hours that they work.
The Benefits of Freelancing for Older Workers
The rising age of freelancers represents a global trend, with approximately 30% of working pensioners self employed in the UK. This compares to only 13.5% across the rest of the British workforce, and reflects the fact that individuals are who are keen to work beyond retirement age have begun to recognize the benefits offered by freelancing. So why exactly should self employment appeal to older workers?
A Way of Combating the Pensions Crisis: A recent report by banking giant HSBC suggested that citizens in numerous developed economies were failing to save effectively for their retirement. This has been attributed to a number of different factors, but the fact remains that many individuals lack the tools to effectively retain a percentage of their income. Freelancing can help to negate this, however, as it allows those approaching retirement age to continue to earn while dictating the hours that they work and establishing a convenient working regime.
A Way to Maximize Earnings: After a long and successful career, you are blessed with a level of experience and industry knowledge that is extremely valuable. Freelancing allows you to market yourself and the unique qualifications that you possess, and also provides an opportunity to apply a relevant value on your time and expertise. As you approach the twilight of your career, flexible self employment enables you to maximize your earning potential and boost your financial savings prior to your eventual retirement.
Increase the Longevity of your Working Life: Financial motivation aside, you may well choose to work because of the independence and satisfaction that it affords you. Continuing to work full time can be difficult once you reach a certain age, however, as age and personal circumstances take priority over your desire to remain in employment. By registering as a self-employed individual and working independently, however, you can strive to work beyond retirement age by reducing your hours and operating from within the confines of your own home.
The world of work is changing, thanks to a number of social, technological and economic influences. The increasing accessibility of technology is also enhancing the appeal of freelancing across wider social demographics, with older workers now embracing it as a way of lengthening their career and boosting earnings. So long as you retain the desire to work and have a marketable skill, freelancing remains a viable way of easing your transition into retirement.
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