Government wants to coax over 50s back into work

volver

I think the big deal Casdon, is that if people don't want to believe something, they'll just say something like "Well its not like that in my circle of friends, so I don't believe it. They're just making it up."

I think that this attitude is very concerning.

Don't be so narky!

One can believe the Economic Affairs Committee but still comment that within your circle things can be different.

I'm 68 and can't think of anyone I know who retired in their 50s. Most are professionals still working full/part-time or running their own business.

It's curious that 4 out of 5 in your group retired in yer 50s - I'd say that's unusual!

I'll be as "narky" as I like, thanks. It's in my nature. I'm pointing out that people don't believe facts if they don't suit their preconceptions. I think I'm quite entitled to be "narky" about that.

It's curious that 4 out of 5 in your group retired in yer 50s - I'd say that's unusual!

Not so unusual if you read the flipping report!!

Siope

Lots of guesswork in this thread. The statistics that would resolve many of the guesses (ages, reasons, income sources to a degree, desire or level of interest in returning to work across various subsets , such as age, economic position etc) are readily available from ONS, and gov.uk-statistics.

I would link to, or quote from, them, but it would be largely a waste of effort as (some/too many) people would continue to play ‘I’ll see your data, and raise you three anecdotes’.

Various people are talking from facts rather than baseless opinion. Perhaps the link below will help you. It really is easy to do your own research; no doubt others will show you how. This may be a start.

www.health.org.uk/news-and-comment/charts-and-infographics/is-poor-health-driving-a-rise-in-economic-inactivity#:~:text=The%20main%20reason%20behind%20the

There is a "what we do" page on the quoted site, so you can check that out before you come to any conclusion about what they are reporting. You can also enter "Is the Health Foundation a reliable source" and get quite a few fact-based opinions on this.

Although ill-health may be the main reason, the right are attacking all who are economically inactive. Give them a group and they will attack as we see so often. That, and the learned experience of those knowing people taking early retirement, and/or taking it themselves tells us more about why they do it and why it has always happened.

learned experience lived experience (computer taking over again!)

Crikey.

volver

I'll be as "narky" as I like, thanks. It's in my nature. I'm pointing out that people don't believe facts if they don't suit their preconceptions. I think I'm quite entitled to be "narky" about that.

It's curious that 4 out of 5 in your group retired in yer 50s - I'd say that's unusual!

Not so unusual if you read the flipping report!!

You’re right, if people read the report, which is pretty detailed, they will see that it’s not at all unusual for people to have retired in their fifties. The conclusion at least is worth reading. This was the important point for future consideration by the government I thought.

6.The evidence suggests that an increase in people retiring earlier has probably been a lifestyle choice for many, rather than a reluctant departure from the labour market. It is possible that people got used to different habits and ways of working during the COVID-19 pandemic, which prompted them to reflect on their careers. The longer-term question that the Department for Work and Pensions workforce review should address is whether future cohorts of older workers will retire earlier in greater numbers, or whether the pandemic cohort have experienced a unique set of pull factors into retirement that will not apply to their successors. (Paragraph 81)

Various people are talking from facts rather than baseless opinion. Perhaps the link below will help you. It really is easy to do your own research; no doubt others will show you how. This may be a start

DaisyAnne, I think you may have misinterpreted my post.

volver

Well that won't matter because the people we are talking about don't get pensions. By definition.

True, but if the pension age moves again, people will have longer to fund before getting it, so are potentially less likely to retire early. I had nine years to fund when I left, and that meant a lot of saving. Moving the SPA to say, 70, would make leaving at 57 with 13 years ahead of you out of the reach of many (I couldn't have done it). Rather than say they don't care about pensioners the government could spin it to say that the economy needs older workers, and cite generational unfairness as an excuse to justify it.

Surely this is all a bit upside down. The least well off are the most likely to be in poor health in their 50s and therefore have to leave the labour market. They physically can't return to work.

Read. The. Report.

Yes, this We are seeing that people are making a life choice to retire early, they are deciding that [work] is too stressful. That says poor health to me.

Joseanne

Yes, this We are seeing that people are making a life choice to retire early, they are deciding that [work] is too stressful. That says poor health to me.

It says the opposite to me. People who can afford to retire are saying they want to enjoy their lives whilst they still have their health. Who needs stress if you can afford not to put up with it?

Who needs stress if you can afford not to put up with it? No one.
Those who have been persistently poor in their 30s, 40, 50s, are less likely to have been able to build up a private pension or to have bought their own home. I assume this causes untold stress in mid life. A return to work might only be part time or in the lowest paid jobs.
I would have thought that the priority is to understand how people with cumulative disadvantages can be assisted to return to work comfortably.

I retired at 66. Offered to go back a few months later (panicked!) However, was absolutely hammered by the taxman and it just wasn’t worth it. Good luck with that Richi.

Looking the ONS graphs it’s the contrast between the UK and other nations who have had far more return to work that stands out, also the number that see themselves at long term sick in the UK after Covid.
Is long Covid a serious problem in the UK but not elsewhere?.

It would help if there was not a culture of “over the hill once you are past 40” as anybody seeking a job/new job will have found. Experience? Irrelevant apparently!

I think covid probably exacerbated the situation, but it was certainly the case for 50 - 60 year olds 10 years ago, so nothing new. Government had time to see this coming for various reasons.

This government is trying anyway it can to bury its head in the sand with regards to the effect Brexit had on the country. And the labour market. Good luck to them trying to get the over 50s back to work, they are the ones who are looking after gc, and aged parents and were often in stressful jobs.

Again, from the report.

‘27.As pointed out by the Rt Hon Guy Opperman MP, Minister of State for Employment at the Department for Work and Pensions, although recent trends in UK inactivity are internationally unusual, our level of inactivity remains lower than the Organisation for Economic Cooperation and Development (OECD) average. Indeed, this rise in inactivity follows a declining UK inactivity rate for many years prior to the pandemic. On the one hand, this puts the recent turnaround in perspective: the UK still has a low economic inactivity rate by international standards; and the recent increase takes the UK back to 2016 rates of inactivity. On the other hand, that previous long-term decline makes the recent increase look even more dramatic as a break from trend’.

So, we are still below average. Covid most probably more people up to the fact that they could stop working because they could afford to do so.

Sorry, woke more people up it should have said, I missed out the woke.

Don't miss out the woke

I know one person who retired in his 50s, his wife had already stopped working as they didn't need the money. For context he was working in advertising and driving a company Porsche when the rest of us were struggling to find the rent for a tiny flat and a fourth hand car. Everyone else I know worked till they reached pension age.

There's more sense in his aim to stop the short term sick becoming the long term sick, but we all know what that means. If you are going from phone call to phone call while you wait 18 months for a diagnosis, never mind treatment, you've become long term sick before you realise it. Cue another statement from Jeremy Hunt about the money they are "pouring" into the NHS.

One way to retire early is to sell your house, buy a motorhome, invest the rest and enjoy a few years travelling around.

And then what Henetha? Old age impinging and no funds left.

I went at 60.. 6 years before my State pension, took my NHS pension, then 2 of my close work chums did the same both mid 50's. In total in our Department 5 went, I was the oldest at 60. We are all Health Care Professionals.
I also know serveral Senior Nurses who did the same.

We now all work in the Hospital Bank a day or two a week, we all did all through Covid too. All of us were asked to do this, due to our skills. I was only gone 3 months before I was asked can I do Bank work?

As for Tax, yep hammered.