WHY NOT SET UP A BUSINESS?

MANY over-50s are starting their own businesses to boost retirement income.

Becoming self-employed offers the chance to retire gradually, reducing your hours rather than stopping work all at once. But it can be difficult to know where to start.

Age UK says popular ventures include cakemaking and crafts, turning your home into a B&B, training as a driving instructor, tutoring and working as a freelance consultant.

An Aviva study found two in five older workers had made a career change since turning 50, while many now set up businesses unrelated to their lifelong careers.

The number of ‘silver selfemployees’ is soaring. There was a 47 pc rise in freelancers over 50 from 2008 to 2015, official data shows.

The Government’s Business is Great team ( great

business.gov.uk or call 0300 456 3565) can give you advice if you’re thinking of setting out on your own.

Make sure you seek advice from HM Revenue & Customs ( gov.uk/hmrc) about how becoming self- employed could affect your taxes or any benefits you receive.