To worry what job I can do at 70?

[myotheraccountsa]

I'm of an age that I'm going to be working into my 70s most likely due to changes in pensions. I work in tech, fairly senior, and the reality is - there's no way in heck I will be doing this job in my 70s. Probably not even in my 60s. Whilst of course companies technically can't fire based on age discrimination they can find a whole myriad of other reasons. My company are endlessly making redundancies. There is literally nobody over a certain age in my line of work here - it just doesn't fit with the whole innovation / transformation / new technology buzz.

I'm sure plenty of others are in a similar boat even if not in tech.

So that's got me worrying- what will I do when I'm older? I've worked in this field all my life. I'm great at it but have no other real skills! We have a huge mortgage that we'll be paying off pretty much forever. What sort of jobs are people expecting to get in their later years? And is it actually that easy to get them?

I'm seeing so many posts about pension worries lately and I'm wondering what I've missed?

Why is everyone so certain there will be no state pension?

Why is all the advise about saving towards our own private pensions as if its a done deal? Surely we are just giving the government the green light to go ahead and scrap the state pension as our generation already has a 'healthy pot' saved privately. I don't get it?

Go into training (for your company/your industry). Age doesn't seem to matter there. My Mum does it aged 76.

Thanks all. Wasn't wanting to focus quite so much on the "tech" aspect to be honest (no, I'm not in IT). I only really mentioned that in reference to the fact that I work in a role where I know for a fact, people over a certain age aren't really welcome.

It was a question im applying out more broadly - what types of jobs are people expecting to have in their 70s? I know in theory there ARE loads of admin jobs or lower level manager roles around. All of which I'd be very happy with one day. However, in the current economic climate it seems people wonderfully well suited (and in the peak of their years!) are fighting over those positions, so realistically I don't know if a 70 year old will be top of the shortlist.

Sounds like many people are saying they won't actually be considering this at all because instead they are saving and downsizing to avoid having to work. I'd best get hugely saving!

Ageism is rampant in the workplace. Alot of people downsize and move away from the cities as they approach retirement.

Only yesterday I heard someone (of around 50) describe how it was great to attend a talk where the speaker was young and not 'an old git' (of around 50). It hit me how hard it's going to be to fight against that attitude - including people showing age descrimination towards their own age group.

Are you saving into a workplace pension and have you looked at the forecast? If you are senior then you should be building up a fair pot?

Would you consider the civil service? I work in tech (well, technical writing) and digital/data roles are the one area the government has said will not be cut - they'll be expanding these depts if anything.

They operate a completely blind recruitment process where no personal details about you can be seen by those deciding who to interview. Most roles, at least in my gov dept, are totally flexible, you can choose to do full-time, part-time, compressed hours, hours to fit around caring responsibilities etc. And you can stay beyond retirement age if you choose. Lots of experienced, capable older women in my area - my head of dept is in her mid-60s. Lots of young people too, of course. It's actually a really good mix, and the most diverse place I've ever worked in terms of age. I'm in my 50s and came into the role after 25 years in the private sector. It's very different, but has been a positive experience so far - incredibly supportive team and lots of training/upskilling available.

Because they keep changing the goal posts. I have little faith it'll be available in 20yrs time or that they'll remove it from those of us with other pensions. Look at what else is happening in the country's finances.

So, if we get it it'll be an extra £2kkr so per month for us, but I'm making sure we'll be OK even if it the eligibility criteria is changed.

Even my parents now save their state pensions rather than spend them each month, as they planned the same way.

I agree Civil Service. Pay not the best on entry but if it’s longevity you’re after they’ve got people in their 80s still knocking around…

How old are you now? Start saving into a private pension, enough that you can retire before state pension age, if it even exists by that point.

As an aside, my FIL is still working now, aged 78. In a manual job. He doesn't want to retire. One day, he will drop dead off his ladder. He is happy with this!

I work in financial services, so I suspect there might be some similarities with your position. Increasing numbers of people in my sector are now working part time on the path to retirement. So typically moving down maybe a level or two to reduce the stress and then working 2/3 days a week. A colleague did this recently and is really happy with it. Regarding it as a sweet spot where she maintained an income and achieved a really good work life balance.

Good point. I'm self employed, part time and fully expect to be working past 70.

Look at the third sector. It will mean a pay cut but a more inclusive environment and usually WFH if the role allows (saves on office costs.)

I work in tech (not massively senior but 6 fig salary) and I'm mid 60s with no intention of stopping any time soon.

The forecasts show that state pension for all, alongside the projected increases in the NHS costs, etc., are simply not affordable and WILL bankrupt the UK. It's like watching a slow motion car crash. The WHOLE point of compulsory workplace pension schemes and compulsory employer pension contributions to to shift the burden of pension for workers from the state to the employers.

We have a huge mortgage that we'll be paying off pretty much forever.

This maybe?

Downsize? use that as your wealth?

There are 2 eighty year olds working at Amazon. You can work at any age if your healthy enough

I just read a LinkedIn post from a guy I used to work with who offers fractional CTO services. Great for him and the companies he supports. Could that be an option?

I’m mostly at a computer but my brain has to juggle many priorities, like spinning plates. Currently my brain is quite sharp but I worry about my ability to keep the pace in my 60s and also, how I’ll be perceived. I’m in a young industry and early 40s is definitely an oldie in my field. My parents got to 65 and spent the next 5 years in hospital appointments. They’re “healthy” people but age is age. Yes we can save but I’m not going to save for retirement and forget to live on my way. So many people die before 70. It’s a hard balance.

It might be worth finding a good independent financial adviser (ask for recommendations from family & friends) and talking to them about planning for the future - making the most of whatever workplace pension you have in particular. And, as others have said, considering options like downsizing later in life could be a real help. For what its worth, I'm early 60s and working freelance in an industry where I used to have a more senior role, and find there's a good level of demand for people with expertise even when they're older - you shouldn't discount the learned experience that you'll have gained by then. Freelance work also means that you can pace yourself.

I am saving like mad so that I can do something much lower paid into my 60s.

I am overpaying my mortgage and saving both in pension & in separate savings accounts.

I really hate the idea that people, and particularly women, just have to cave into ageism in the workplace. I don’t think what you should take from being the oldest woman at a conference is ‘there’s no place for me here’ - you’re showing by being there that there is a place. I also don’t think you should just assume that younger people will be perceiving you negatively - if you’re good at your job and have worthwhile things to say, any sensible person will be focused on that. You could be a bit of a beacon for younger women who will also be facing the same issues as you sooner or later. Help carve out that space to show that women over 50 do belong and there is a place for them in your industry.

I’m aware this may be naive re what you’re up against, but I do really dislike the idea that you just have to accept the way things are if that doesn’t work for you. If you’re good at your job and want to keep doing it, why shouldn’t you?