Over 50 and not working by choice. Would a ‘mid-life MOT’ tempt you back?

[PuzzledObserver]

www.bbc.co.uk/news/business-64083802

The phrase “not on your nelly” comes to mind.

There are reasons - good ones - why I retired early. They still apply, I’m not bored, I don’t feel my life lacks meaning, and finances are OK. So I’m finding difficult to think of a reason to rejoin the workforce.

How about you?

Very interesting thread - I am 53 and in no position to retire early - but I can now see why I would want to!

Out of interest - how much would someone need in a pension pot to be able to retire at 55?

We may as well axe bus passes too

Matthew Parris in yesterday's Times was whinging about how he gets a bus pass and a heating allowance he doesn't need and increases in the SP he doesn't need - I bet he doesn't, he's on an MP's pension and a Times salary. I was so cross about his arguments that I drafted a letter to the Times pointing out that he doesn't have to apply for the pass and he can donate the heating allowance; and that SP and salaries are so far adrift that any increase in the former isn't going to bring them anywhere near the latter, so not comparing like with like.

No way can I retire early - me spending a lot of time travelling in my 20s no doubt didn't help, but I have had some great experiences that I don't regret.

I do have skills that are supposed to be in demand if unemployment strikes - it's supposed to be a 'job seekers market' according to the news but I do worry there is still age discrimination there.

The government have moved the goalposts several times already so my income in retirement is considerably less than expected. I've also had to fund my kids life education and flat deposit. I'm putting a help of a lot into society, much more than whinging youngsters expecting everything handed to them on a plate.

Government wishes to divide and conquer and make sure no-one talks about how much money they take of all of us and spend incompetently on giving their mates contracts. The divide that really exists is between those who work and those who live off the work of others. Those not contributing enough to society include many "directors" , senior finance staff and the woke industry.

You managed to completely miss my point that the UK has demonstrated it doesn't do things for pragmatism, but for ideology. It doesn't matter if WFH cures cancer and the common cold, if it's decided it's not what this government want, then it's going to be attacked.

Out of interest - how much would someone need in a pension pot to be able to retire at 55?

How long is a piece of string ? Quite aside from how long you plan to live (and a bonus point for anyone who has read "The Lotus Eaters") is the question of how much you have to pay to live. If you suddenly develop an illness that needs you to attend treatment 3 times a week and live in a bungalow with fuck all assistance from the state, then you could burn through £100,000 in a year easy. and believe you me, you will hear of such stories.

According to my pension provider, for a comfortable but not lavish lifestyle, around £800-£1m (assuming mortgage fully paid).

Obviously per PPs that's an average: there are no guarantees. If you retire at almost 70 as the Government want you to you'd likely need substantially less. But then also likely have very little retirement before you're toll old and or sick to enjoy it.

*too

Even with mortgage paid living on 200 a week forever would be tough. I know this is my future though.
Will cut down to 4 days a week in my 60s.
But will have to keep going til I'm 68.
Janey mackers.

How.
I am civil service so won't be sacked for being old, but I look around the office and as a spring chiken of 52, I see v few older people.

I work on the basis that my investments give around a 4% return, after inflation (though this is being heavily tested with inflation as it currently stands!). So for me £500k is enough as that's £20k pa, without eroding capital - I can easily live on that.

You can of course draw down capital as well if you want to but as you do your annual income will decrease as well - but you need less as you get older, plus at 67 (for me) the state pension kicks in.

I do also have a small final salary pension, around £4k, which I can draw at 60 with no reduction, so I'm not far off that small top up.

That will change. As the workplace gets older more older people will go for less ageist sectors like government / la / civil service. I’m studying a tech masters right now, in my 40s, with the aim to eventually move into a head of technology / analysis position from my current cutting edge but very ageist industry.

I can't "easily" do it, no.

I've looked into it and while I would get it free, it's a two year course with lessons at stupid times (like 3pm on a Tuesday). Which doesn't fit with my full time job. Also, I don't understand maths, which is why I got a U in my original O level, so it would be really hard for me, harder than my law degree which I actually found a breeze.
And I looked into getting a tutor and doing it independently, but it's really hard to book the exam if you're not with an institution. So hard as to be almost impossible, there's like two centers in the country that allow it from what I could see.
So altogether it would be very expensive.

And tutors don't often want to at 8pm when I'm available. Earlier on my work from home days, but still not before 6pm.

I spoke to my local college about doing it and they couldn't have been less helpful, frankly.

I'm sorry to hear that. I would have thought with OU or something you could study it at your leisure and with so many people trying to move from teaching to online tutoring (ironically!) that you'd easily be able to get support. Sorry to hear that's not the case. 😔

That will change. As the workplace gets older more older people will go for less ageist sectors like government / la / civil service. I’m studying a tech masters right now, in my 40s, with the aim to eventually move into a head of technology / analysis position from my current cutting edge but very ageist industry

Im not sure it will. I worked for the LA as a teacher. It was incredibly ageist. Older teachers were managed out. No one wants to pay higher wages. I really don’t see that changing.

I'll be working till I drop, whether it's 75 or 85.

I'm an over 50 who's been job hunting and there's three main issues:

Ageism. It's very evident and is definitely a thing. You're treated like an idiot/dinosaur if you ever get an interview.

Zero hours contracts and varying shift patterns- so you can't now work down the co-op on Mondays and Wednesdays, you've just got to be 'available' 7 days a week and never know when your shifts are- this means that you can't then do any hobbies/ caring responsibilities/ other things very easily, you have to put your whole life on hold. I don't think over 50s can be arsed with this.

Terrible hourly pay- eg £9.50 for retail, when you take into account travel expenses and being on your feet all day as well, and the added covid risk from customer facing jobs, the actual 'cost' to your health and wellbeing for what you gain makes you think twice.

So the Government should sort out pay and conditions rather than this initiative.

@Sallytobleroney

Youre exactly right. It’s not about money. It’s about not wanting to tolerate shit working conditions shit wages and shit bosses.

l really cba with any if the above. I’d just leave if any of that shit started at a place l work. I don’t need a job, so don’t have to put up with the shit.

Its pay and conditions that would attract over 50’s back, not some stupid MOT. That’s what they need to improve. But this government are as short sighted as ever.

The thing is - we are told 'it's an employee's market. Plenty of jobs out there. Not enough people'

You would have thought that employers would recognise this and try to adapt to attract older workers.

A lot of poor employer prefer to complain about employees instead and people not wanting to work. It si the poor employers who are struggling for staff.

Just to add, I know that government and LAs say they have regulations preventing ageism but, in practice, it is rife. Especially for older women, so sexism also creeps in.
Not going to subject myself to all that shit any longer.
I’m so much happier in my unproductive, indolent life!

That makes complete sense, that you'd not be prepared to take those kinds of roles. But I don't think those are the kinds of roles that people in their 50s would/ should generally be going for, entry level/ student type work? The pay and conditions for those types of roles has always been rubbish.

@TheGirlWhoTamedTheDragon So what kind of r9oles do you think people in their fifties should be going for who are not professionals?

And all my supermarket delivery drivers seem to be either 19/20 or 55/65 years old.

By which I mean, with 3-4 decades of qualifications/ experience by that age, this is not really the usual kind of thing to apply for, just because you hit 50.

Agree though that employers are massively ageist in how they recruit for professional work in many industries. It's unacceptable. Disability discrimination is even worse.