Transitioning to retirement living whilst still working saves money and improves social networks

As more people extend their careers beyond statutory retirement age, the trend of moving into a retirement community while still enjoying working is on the rise, according to My Future Living, the UK’s leading retirement rental brand. This can significantly ease the transition into retirement, helping people both financially and socially.

New analysis from Rest Less[i] reveals that the number of people aged 60 and older who are self-employed reached a record of almost 1 million in 2023, an increase of more than a third (33%) in the past decade. This data, drawn from the Office for National Statistics also shows that 23% of the UK’s total self-employed workforce is now aged 60 and over.

Other analysis by Rest Less showed a rise in the number of over-70s in employment with the cost of living highlighted as one of the reasons behind this trend[ii].

Joanne Couch, Managing Director at My Future Living, said, “With people living longer and healthier lives, more are choosing to work into their 60s, 70s and even 80s – out of choice or necessity. But this doesn’t rule out living in a retirement community.

“Making the move while still employed can make the transition into retirement smoother. It enables individuals to downsize, reduce living costs, and enjoy the social benefits of a supportive community, all while maintaining their careers. By the time they decide to fully retire, they’re already settled and ready to enjoy this new chapter of life.”

One couple who have done just that is Paul Jones, a 68-year-old retired landscape gardener and his wife Lindsey, a 63-year-old part-time nurse, who moved from their home in Exeter to a one-bedroom retirement apartment at Hometor House in Exmouth, bringing significant financial benefits and a chance to settle into a sociable community.

Facing spiralling rent and the ever-growing burden and cost of maintaining their Victorian house with its large garden, they realised something had to change. Paul explains: “The cost-of-living was pushing our rent up, and the house upkeep was getting too much. We decided it was time to downsize and find a home that was cheaper and easier to manage.

“Our new apartment is much cheaper to run. It’s highly insulated which means it scores high on energy efficiency. We have really noticed this in our bills, and keeping these as low as possible is important when you have retired.”

As Lindsey still works, Paul has embraced their new social life.  Paul said: “Being part of this community is great. We have tea parties and bingo nights and enjoyed a Christmas dinner dance. Also, we often go on the coach trips when Lindsey is off work. These activities helped us to settle into the community well.”

Paul and Lindsey have more time for themselves too as their smaller home is easier to manage. He said: “We have more time for walks, fishing, and riding my electric bike. And having people around for a cup of tea when Lindsey is at work is perfect.”

Paul and Lindsey rent on an assured ‘lifetime’ tenancy, so never have to move again providing they keep up with the terms of their tenancy agreement. Also, their annual rent increases are low and linked to the Retail Price Index (RPI).

The couple wholeheartedly recommend downsizing.  Paul concludes: “It’s worked brilliantly for us. We love our new life, the community, and the freedom it brings. Do not be afraid to downsize – the benefits far outweigh the challenges. Plan your move, let go of what you don’t need, and enjoy a worry-free life in a welcoming retirement community.”

For more information visit www.myfutureliving.co.uk.

About My Future Living:

My Future Living is the leading UK retirement rentals brand, a subsidiary of ReSI Property Management Ltd. Specialising in high-quality, age-exclusive assured tenancy rental properties in secure and welcoming later living communities across the UK, My Future Living makes retirement renting easy and affordable. With 2,190 apartments tailored exclusively for those aged 55 and above, situated in modern purpose-built retirement developments along the coast, in vibrant cities, or picturesque market towns, we offer homes to suit every lifestyle and preference.

For more information, please visit www.myfutureliving.co.uk.

—

[i] https://www.theguardian.com/money/article/2024/aug/26/uk-has-record-991000-self-employed-workers-aged-60-or-over

[ii] https://www.theguardian.com/society/2023/apr/30/british-workers-work-into-70s-cost-of-living