More and more people are deciding that retirement isn’t for them. In fact, a recent survey revealed that 1 in 10 workers in Britain don’t plan to retire at all. Among those who have decided to keep working, around 50% say it’s out of financial necessity, while 42% simply prefer to stay active in their careers. For many, continuing to work in later life isn’t just about paying the bills—it’s about living a life of purpose, staying engaged, and developing what we call human capital.
What is Human Capital Development?
Human capital is a crucial element of our total wealth, encompassing more than just money in the bank. It refers to the value of our future earnings, as well as our intangible assets like skills, health, energy, knowledge, relationships, and even character. Unlike physical possessions, these are things we ‘own’ that continue to grow and contribute to our economic and personal wellbeing throughout life.
When we look at our cash flow plans, total wealth is a sum of financial capital (like savings and investments) and human capital, less any liabilities. It’s clear that when we face a financial shortfall, such as a smaller pension pot than we anticipated, developing our human capital can be a solution.
Working Longer, Living Better
For many, planning to continue working is less about necessity and more about fulfilment. In order to thrive in later life, the work we do needs to be something that we genuinely enjoy—work that doesn’t feel like work at all. To identify what kind of work might bring us this level of satisfaction, we need to engage in self-exploration, often through a process called life planning.
Life planning is about finding the overlap between what we are good at, what we love doing, what the world needs, and what people will pay for. Once we identify that sweet spot, the goal is to turn that passion into a sustainable livelihood that can carry us into older age.
Human Capital as a Lifelong Investment
One of the great benefits of developing human capital is that it doesn’t have an expiration date. Our skills, experience, and relationships can continue to grow and provide value throughout life. By focusing on human capital development, we can plan for resilience, not just in our working lives but in our financial lives as well.
Rather than solely relying on our pension pots or savings accounts, we can grow our earnings potential, keep ourselves mentally and physically active, and enjoy the rewards of meaningful work for as long as we choose. For many, this isn’t just about financial security—it’s about leading a fulfilling life, regardless of age.
Inspiring Examples of Lifelong Workers
Take Irene Reid, for example. At 84, she may be the oldest lollipop lady in Britain. Irene has been working as a school crossing guard for 55 years and has no intention of stopping anytime soon. “It’s just a lovely job,” she says. “I like being outside. I will never stop.”
Similarly, Warren Buffett, at 94, still comes into the office six days a week, and Bill Gates, 68, says the idea of retirement sounds awful. What all of these individuals have in common is that they’ve found work that brings them joy, purpose, and, as studies have shown, considerable health benefits.
A 2015 study found that working past the age of 65 is associated with better health and a lower risk of serious health problems, like cancer and heart disease. Continuing to work—particularly in roles we love—keeps us mentally sharp, socially engaged, and physically active.
Creating a Sustainable Livelihood
Developing a sustainable livelihood into older age doesn’t have to be complicated. With the right approach, we can build on our strengths, interests, and experience to create a work life that is both rewarding and financially viable. Whether it’s continuing in our current roles, as Irene Reid has done, or embarking on a new entrepreneurial venture, the key is to align what we do with what we love.
At the Academy of Life Planning, we help individuals identify these opportunities through life planning, cash flow modelling, and entrepreneurial guidance. By focusing on developing both financial and human capital, we can help you create a resilient and fulfilling work life that supports you well into your later years.
If you’re ready to explore how human capital development can transform your future, get in touch with us today. Together, we can design a life that you’ll never want to retire from.
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