Water bills are rising - but there are ways to make decent savings
A new start
Experienced and motivated over 50s are well placed to be flexible and imaginative when confronted by redundancy or lack of full time work. Indeed, some people find that an enforced change turns out to be the start of a brand new and highly successful career.
Losing or changing jobs invariably brings a whole host of well documented pressures; reduced income, dented self-confidence, stress on relationships but also freedom and excitement at new challenges, being your own boss.
Another consequence of being ‘let go’ is the loss of perks such as a company car or private health care. While the latter may seem a luxury, it’s worth considering whether it might be an investment, particularly if you’re about to start a new chapter in your working life.
Being self-employed or freelancing gives great freedom about where, when and for whom you work. But, if you’re ill or face the uncertainty of waiting for a date for treatment, it’s not so good. People running their own businesses often ‘soldier on’ because there’s no one else to take over, potentially storing up problems by not seeking medical advice early. The majority of businesses will have busy and quieter periods so it would make sense to plan any hospital treatment around your work schedule; something that can’t always be done very easily on the NHS.
If you've had the sole personal use of a company car (e.g. have had a car reserved for your own use both for work and for pleasure purposes) but have lost it due to retirement, change in position or due to changes in taxation laws, some insurance companies will adjust your No Claims Discount in accordance with the number of claim free years immediately preceding the start date of your motor insurance policy.
Going it alone
The decision to become self-employed is a big step, especially if you're close to retirement age but there is help and advice available, and of course the success stories of millions of people for inspiration. You’ll need to consider different ways of being self-employed, and the implications for tax and other liabilities.
One of the most important things anyone can do when looking for employment is to network – not just to get work but to pick other people’s brains, share experiences and knowledge. And if you’re over 50, the chances are you’ll have a bigger contacts book so use it !
Useful information; www.direct.gov.uk