Meet the 70somethings saying no to retirement

As inflation soars above 5pc and the state pension falls short, older people are looking to top up their income, finds Hannah Smith

What do you do when windsurfing in the Solent and walking the south coast of England get boring? For an increasing number of older people, the answer is to work.

Otto Ott, from Portsmouth, works six days a week in his 45-year-old family business, Hair Ott – despite being 73 years old. He enjoys these activities in his spare time but has no intention of stepping back from his salon. “I would get bored if I did them all the time, so this is the best place to be,” he said.

The hairdresser is part of a growing cohort of energetic could-be pensioners who are rejecting retirement. Early estimates suggest that the number of over-70s in the labour force will reach a record high in 2021.

Silver staffers took a knock in the pandemic, according to analysis of Office for National Statistics data by Rest Less, a website for over-50s. It found the number of people in work aged 70-plus fell for the first time in a decade. This was driven by a 10pc drop in older part-time workers, as hospitality and retail businesses struggled and vulnerable people retreated indoors.

Now that the country is picking itself up, with job vacancies at a record high, older workers are returning to the workforce with vigour. The number of over-70s in work is on track to reach 521,838 this year, based on data for the first nine months of 2021 – almost double what it was 10 years ago.

Jill Drummie, 72, is one of the many septuagenarians keeping one foot in the labour force. A former longdistance runner, she teaches nine exercise classes a week around Surrey.

“I’m still working because I love it,” she said, after wrapping up her second class of the day at an Age UK centre in

‘I have company all day and other people have to listen to me’ OTTO OTT, 73 Hairdresser ‘I like staying fit and this way I earn money and choose my hours’

Otto Ott is well into his 70s and works six days a week at his hair salon. Although he has a state pension as well as the earnings from his family business, giving him enough income to enjoy Caribbean holidays and meals out with his wife, he has no plans to retire. He said: “I have company all day and people have to listen to me – there are not many opportunities like this. As long as I can work, I will work.”

Caterham. “I like staying fit and this is a fantastic way to do it while earning money and making friends – and I can choose my own hours. Everyone’s got to retire eventually but as long as I’m still healthy and enjoying it, I’ll carry on.”

Cornwall resident Derek Myers, 70, is also feeling more energetic than he expected to at retirement age. He planned to wind down at 60 after a career in exports, but instead set up a consultancy. He’s not even the oldest staff member – the chairman is 90.

He said: “I walk the dogs, I’ve got a rowing machine, I keep the mind active by working every day and it suits me. I want to get as much [money] as I can but whatever comes in is a bonus.”

Mr Myers said his friends who retired at 65 live “very sedentary” lives, which he wanted to avoid. “You’ve got to find something to do.”

Money is not the main motivator for Mr Myers or Mrs Drummie. But for many other older people returning to work, the decision is financial.

Rebecca O’Connor, of Interactive Investor, said the pandemic had exposed the precarious position of many pensioners’ finances. “Retirement is not the place of financial security it once was,” she said. “Changes in the stock market have affected people’s pension pots. People are afraid of further falls and they’re hedging against that by working.”

Dividend-paying stocks, which many retirees rely on for income, also took a hit during the pandemic, she added. Add to this the soaring cost of living and