Who lives to work forever? Michael LansdellFeatured Products Promotional Features
Posted by: The Probe 21st November 2019
As much as you love your job, are you yearning for retirement, when can enjoy the fruits of a long, successful career (while lounging in the Spanish sunshine, perhaps)?
Or, does the thought of endless days with no practice to run and no professional challenges to inspire you fill you with dread?
The UK’s labour force is getting older. As per the latest available figures, the overall employment rate (aged 16 to 64) is 76.1%, which is the joint highest on record.[i] There are also more women aged 50-64 still working than ever before; the proportion of men in the same age bracket has also risen in the last decade, but less drastically. Also, employment for the 65s and over (both men and women) has been on the increase since 2010, with around 8 per cent of women and 14 per cent of men continuing to work.
The good stuff
It is certainly positive that more women are having the opportunity to return to work after children and have a life outside the home for longer; part-time and flexible working has also helped those trying to juggle a career with family life. Many women relish the time they spend at work and the financial independence it can bring.
For men and women, being able to continue doing the job you love for as long as you want can keep you mentally active and motivated. For dentists and dental practice owners, it’s an exciting time to be in the industry. Developments in technology and techniques has made the impossible possible and patients’ lives can be transformed by the treatment you deliver.
… and the not so good
Not everyone wants to keep working into their 60s, although various factors may not have given you much of a choice. The state pension age (SPA) is rising – a default, or forced, retirement age no longer exists. The SPA for men and women will be 66 by October 2020 and there are more raises planned. Final salary pension schemes are slowly vanishing, and so many have had to have another look at their retirement plans and think again about how they are going to live a comfortable life when they eventually stop working. According to the latest figures, wage growth has also stalled.[ii]
And what about work-related stress? You may feel secure in your skills and experience, but dealing with patients and colleagues plus the growing fear of litigation and the pressure of running a business… surely there are better things to do in your 60s? Stress management in dentistry is hot topic – a report published in early 2019 by the BDJ found high levels of self-reported stress and burnout in UK dentists.[iii]
The solution, as ever, is to plan. Whether you feel you have so much more you want to achieve, or you would like to stop working by a certain age, retirement planning is essential. Speak to a specialist accountant, like the team at Lansdell & Rose, for expert advice.
Don’t let a decision be forced upon you! Give yourself choices – none of us know what’s around the corner either. A good plan, that is sensible and pragmatic, can help you stay in control of your retirement.
For more information please visit www.lansdellrose.co.uk
or call Lansdell & Rose on 020 7376 9333.
[i] Office for National Statistics. Labour market overview, UK: May 2019. Release date: 14 May 2019. Link: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/may2019(accessed June 2019).
[ii] Trading Economics. United Kingdom Average Weekly Earnings Growth. Link: https://tradingeconomics.com/united-kingdom/wage-growth (accessed June 2019)
[iii] Collin V, Toon M, O’Selmo E, Reynolds L, Whitehead P. A survey of stress, burnout and well-being in UK dentists. British Dental Journal. 2019 Jan; 226(1): 40.
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