How hundreds of thousands of over-60s choose to become self-employed and continue working after retirement age

Research shows that the number of self-employed people over the age of 60 has reached a record high of almost one million.

According to a survey by Rest Less, a digital community for the over-50s, the total number of self-employed people is approximately 4.3 million.

Although the number of self-employed people aged 50 and over has increased since 2021, it is mainly those aged 60 and over who are setting a new record.

In 2023, there were 991,432 self-employed people aged 60 or older. That is an increase of 33 percent in ten years.

Although the number of self-employed people aged 50 and over has increased since 2021, it is mainly the over-60s who have set a new record (stock image)

About 223,086 of the self-employed were over 70 years old, the report said (stock photo)

This means that 23 percent of self-employed people in the UK are over 60, while 49 percent of those over 50 are older.

The report shows that 223,086 of the self-employed were over 70 years old.

Stuart Lewis, Managing Director of Rest Less, said: ‘With the retirement age soon approaching 67 and potentially rising further, many people are choosing to work beyond their traditional retirement age.

‘For many, self-employment is a great option as it allows people to stay active and involved in their community and work, while offering greater flexibility: they can use their skills, experience and network to make a difference.

‘The decision to become self-employed can be motivated by completely different circumstances. It can be people who lead a comfortable life and pursue their passion for entrepreneurship, or people who are forced to generate an income and have not been able to find a permanent solution on the labor market.

‘The cost of living has become so low in recent years that it has become an additional challenge for people who are completely dependent on their state pension. In addition, we are seeing an increase in the number of people becoming self-employed to create an additional source of income and supplement their pension while they can.’