Welcome to the world of the “Wearies”.  And if you are thinking that’s retired folk happy to put their feet up after a life time of hard graft, think again.

The latest acronym actually stands for “Working, Entrepreneurial,Active Retirees” and has been coined by a British think tank which predicts legions of 70 year olds will continue working because they can’t afford to retire.

The study by the think-tank Future Foundation, predicts by 2020 many people in their 70s will not be able to afford to give up working.

Online Traders and Gardeners

Many of tomorrow’s pensioners will become self-employed consultants, online traders or run odd-job businesses to make ends meet in retirement, according to research.

Of those still working, 89% said they would be prepared to work part-time, run firms, start trading online or live with others to supplement their incomes.

The study said many are likely to supplement their income buying and selling goods on websites like eBay, while others will turn their front rooms into offices or cottage industry workshops or a nursery.

Renting Out Rooms

Those with manual skills might set up gardening or home help businesses to make money helping neighbours, the researchers predicted.

A total of 59 per cent said they would run “a small, one-person business from home” and 21 per cent would consider gardening for elderly neighbours or for the local council.

One third said they would rent out a spare room to a lodger, and 14 per cent said they would think about moving in with other family members.

The economic downturn has created tough conditions for retirees. The cost of living for pensioners is rising faster than for the rest of the population as they spend a greater proportion of their income on food and fuel – where prices are rising fastest.

image taken from: getdigital.org.uk

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About the author

Jenny W