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Original poster

All this talk of over 50s returning to work has made me so down

209 replies

OneFrenchEgg · 28/01/2023 18:42

I'm just over 50. I've had kids who are still at home, and I've never got to a well paid career yet but I'm trying. I don't have a pension to speak of. I want to save up and get some treatment as I'm so embarrassed (my whole life) by one part of my face.
But all today the radio had a phone in about people being encouraged to leave the financial and emotional comfort of their 50s and go back to work, and how they are enjoying having no mortgage etc or looking after grandchildren and maybe they could do a little pocket money job now they are too old to chase a proper job again.

I feel like I'm suddenly too old and I didn't realise. Like I've been dealing with life and it's run out. I still have a huge amount left on the mortgage. I feel like I've done life wrong. I'm so surprised at how much this has knocked me - is anyone else feeling the same?

OP posts:
Veryniceindeed · 18/02/2023 09:14

I am a retired teacher and nearly everyone I know retired in their 50s. For many of us that was a result of redundancy/reorganisation even though some of us might have stayed longer if we had had a choice.

JustDanceAddict · 18/02/2023 09:15

I’m v early 50s. I know a few women who don’t work but they are more late 50s and haven’t worked since having kids 20+ years ago (or worked v p/t) for whatever reason. A couple in their early 60s have retired.
Most of my friends and acquaintances work, still have school or uni age children and mortgages. Some have high powered jobs and others less stressful p/t ones. No-one is a grandma yet!!
I expect to work another 10 years at least & even after that, if funds allow, volunteer. I won’t stay in my current job for more than another year, but I’m not looking for major career progression now either.

Blowsybabs · 18/02/2023 09:21

@Taytocrisps That's a very rational fear.

My pension is index linked but the rise in energy prices and food plus the dive in the stock markets and bonds means it's not stretching so far.

DH and I now need to carry on with some freelance work rather than doing it simply for purpose and enjoyment. But neither of us fancy being chained to an employer again, that's a last resort.

You need to have a cash savings cushion too.

DragonflyLady · 18/02/2023 09:22

I’m early 50s and have a preteen. It wouldn’t even occur to me to be retiring soon! I have a friend who’s a year older who drones on about looking forward to retirement whereas I’m thinking I’ve another 15 years or so before I think about it!

Almostwelsh · 18/02/2023 09:38

It's a bit disingenuous to say 'over 50' as the vast majority of these people are well over 50, probably over 60. Very few people can afford to retire in their early 50s.

The only person I know of recently who is retiring early is 56. He has never married or had children, always worked full time and has lived with his comfortably off parents for most of his life. He has always been a saver and is funding his early retirement by a combination of savings and inheritance (he's an only child, so this is substantial). Clearly this is not a set of circumstances common to most people. And he's still closer to 60 than 50 on retirement.

VenusClapTrap · 18/02/2023 10:54

over-50, ready and willing to work but nobody was interested in hiring her. This is what frightens me

Yes, this is very real. I have a dear 50 year old friend who has been careful with money all her life, homeowner since the nineties, diligently paid into her company pension scheme etc etc. Then she was made redundant due to covid (travel industry) and it has all fallen apart because she struggled to find a new job. She had to take a massive pay cut, and now earns little more than minimum wage.

An unexpected house maintenance bombshell fell out of the blue at the same time, which took all her redundancy and most of her savings in one fell swoop. She has had to sell her home and downsize (we are talking from a small 2 bed house to a flat here; not some massive place with loads of equity). She is single so no backup.

The reality of the company pension scheme is pretty shit too. She wishes she’d paid more into it when she was younger, but who doesn’t.

She is not ok. And I know several people in this position. It’s a frightening world if you’re out of work and on your own at 50.

boabitybowster · 18/02/2023 11:16

@VenusClapTrap Jeezo that's awful, what a horrible hand she's been dealt.

linelgreen · 18/02/2023 11:59

I decided to retire at 55 as realised that I had enough NI contributions for full state pension so paying nearly £400pm in NI contributions was slightly annoying so with the option of VR on the table and enough pension it was a no brainer. Now 18 months on I have no regrets about leaving but am getting slightly bored especially as DH still works full time so when I was approached by a firm offering me flexible hours, ability to WFH and an interesting project to work on I have decided to return to the workplace.

Ted27 · 18/02/2023 12:26

I’m 57 and taking voluntary redundancy. I havevan 18 year old off to university this year.
I’m reaping the benefits of what some would no doubt see as lack of ambition or aspiration. That is I have stayed in the second house I bought 25 years ago. Its a very average 3 bedroom terrace, no garage, no drive, no utility rooms, no ensuite bathrooms, in fact the horror of horrors a downstairs bathroom. But its the perfect location, close to good schools, shops, amneties, public transport.
The result is I am mortgage free and my bills are managable.
Perfect set up for ‘retirement’.
Nothing on this earth will entice me back into an office. I’m going to be a foster carer and do something meaningful.

ButterflyFlicker · 18/02/2023 13:02

I know a few people who have retired in their 50s
No children
One sold up in the UK & moved to a place in the sun in Europe before covid. They found some PT, then FT work in their new location
Another friend retiring this year from teaching

The earliest I can access some of my pensions is 55

Currently, in the process of moving. After that I will have to calculate if I can retire in my 50s or if I will need to work. However, I will be working in a different industry, because I cannot continue my current job in my new location

I have my 35 years of National Insurance contributions for my state pension already

RoseThornside · 18/02/2023 21:00

I've been thinking about this government initiative to get over 50s back into work to cover the jobs that are now vacant due to Europeans leaving, and am wondering if, if the over 50s can't cover it, they might reverse the decision from a few years ago that kept children aged 16 from leaving education? When I was 16, lots of us just left school and got a job, which they can't do now.

Original poster
OneFrenchEgg · 18/02/2023 21:21

RoseThornside · 18/02/2023 21:00

I've been thinking about this government initiative to get over 50s back into work to cover the jobs that are now vacant due to Europeans leaving, and am wondering if, if the over 50s can't cover it, they might reverse the decision from a few years ago that kept children aged 16 from leaving education? When I was 16, lots of us just left school and got a job, which they can't do now.

Yes some hideous scheme will be dreamt up to get unwilling people to take on the jobs no one else wants I imagine...

OP posts:
Ted27 · 18/02/2023 22:29

@RoseThornside

16 year olds can leave school and get a job - but it must have training ie an apprenticeship

RoseThornside · 19/02/2023 11:49

Ted27 · 18/02/2023 22:29

@RoseThornside

16 year olds can leave school and get a job - but it must have training ie an apprenticeship

It's not the same @Ted27 though, compared to just being able to leave school and get any job. It still leaves all these non-apprenticeship vacancies which the 16-18 year olds can't do, and the Europeans can't do either now. Hence the drive to get the over 50s back.

Ted27 · 19/02/2023 11:58

@RoseThornside

Do you not think its better that our young people have jobs with training which may lead them to better opportunities rather than being stuck in jobs with no future

Sunriseinwonderland · 19/02/2023 12:15

Retire in my 50's you must be joking. I'm 60 and my retirement date is 67, my mortgage will be paid off at 65, I have an NHS pension but I still need to save another £40k before I can relax a bit. I have it all pretty much worked out.
Most of my colleagues retire at 67 and come back and do bank work until at least 70.

kitcat15 · 19/02/2023 19:04

Sunriseinwonderland · 19/02/2023 12:15

Retire in my 50's you must be joking. I'm 60 and my retirement date is 67, my mortgage will be paid off at 65, I have an NHS pension but I still need to save another £40k before I can relax a bit. I have it all pretty much worked out.
Most of my colleagues retire at 67 and come back and do bank work until at least 70.

Thats odd....I take itvyou are not clinical then? Because I'm NHS and we all go well before 60

verdantverdure · 19/02/2023 20:18

How does anyone ever see anyone clinical much over 50 if all NHS clinical people go "well before 60"?

kitcat15 · 19/02/2023 20:24

verdantverdure · 19/02/2023 20:18

How does anyone ever see anyone clinical much over 50 if all NHS clinical people go "well before 60"?

they don’t in the community where I am , is the answer to that ….although some retire and return on 2 days….or come back on the nhs bank …..so they getting the full pension plus a wage …..I am actually retired and returned …..I do 2 days on a 12 month contract….contract ends in March this year….I don’t want to renew it ….too restricting now….so will join the bank and work a week here and a week there….just for one more year I think….I’m 59 next year and do not want to work beyond that……there no abatement at moment in nhs so that’s made a big difference to retire and returnees

kitcat15 · 19/02/2023 20:26

verdantverdure · 19/02/2023 20:18

How does anyone ever see anyone clinical much over 50 if all NHS clinical people go "well before 60"?

Can’t take pension until 55…. You will see lots of 50 to 55 years olds

Sunriseinwonderland · 19/02/2023 20:27

kitcat15 · 19/02/2023 19:04

Thats odd....I take itvyou are not clinical then? Because I'm NHS and we all go well before 60

Show quote history

I'm clinical podiatry. We work 9 to 5 and have weekends off and sit most of the day so tend to work longer. Also there Is a dire shortage of us.

jlpartnerrs · 19/02/2023 20:37

Ted27 · 19/02/2023 11:58

@RoseThornside

Do you not think its better that our young people have jobs with training which may lead them to better opportunities rather than being stuck in jobs with no future

@Ted27

Having worked in FE where these apprenticeships and training are delivered, some young people would learn more in proper employment. Some college's are shocking in their provision and treat the whole exercise as an excuse to print money, especially at the lower end of the provisions eg Level 2 Quals.

Ted27 · 19/02/2023 21:06

@jlpartnerrs

Is that not an argument to ensure that training is high quality, rather than not have training at all

Shinyandnew1 · 19/02/2023 21:15

I’m mid 40s and DH and lots of friends are early 50s, I don’t know anyone who is in their 50s and retired! Our parents are in their 70/80s and retired at 55/60 on pretty sizeable pensions, but none of us will get anything like that, and we won’t get our work or state pension for a long time yet.

If someone is lucky/wealthy enough to retire in their 50s, I can’t imagine they will be in any hurry to go and be a nurse/care worker/fruit picker/teacher or whatever jobs the government now treat so badly, they can no longer fill!

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