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Original poster

Who are all these ‘economically inactive’ 50 year olds

515 replies

Orangetapemeasure · 05/03/2023 07:22

The government is trying to encourage 300000 or so ‘economically inactive’ 50+ year olds back to work. Who are these people and what do they do?
I can imagine some people in their 60s deciding to retire early, but I don’t know a single 50 year old who has or could afford to give up work. In fact I know several previously SAHM who are only launching their careers in their mid 40s. I’m mid 40s with a good 15-20 years left to work.
MN please enlighten me.

OP posts:
Starseeed · 05/03/2023 07:25

I know a couple of mid-50s who have retired at my work - one a director who was ousted in a restructure and decided to retire early (so obviously rich!) and another - lower management - who just decided to retire early because she could - never had kids, very frugal and good with money.

Both are very capable women and could work but just don’t want to. Fair play to them.

Sarahconnor1 · 05/03/2023 07:27

I know a couple of people in their 50s who have given up work.They started work at 16, were able to buy their first property young, no extended time of with children etc.

growinggreyer · 05/03/2023 07:28

Now all they have to do is persuade employers to offer interviews and work to over 50s. Oh, you have a career gap, can't find a recent reference, don't have a perfect employment history, didn't get all A* at school? Hmm, nope, no interview for you.

AppleKatie · 05/03/2023 07:29

I know one but she is caring for a family member and has made a choice to do so. She can just about cope financially and what the Tory’s want her to do for work is highly u likely to influence her 😂

AppleKatie · 05/03/2023 07:29

unlikely ofc!

PuttingDownRoots · 05/03/2023 07:30

My MIL was made redundant in her late 50s.

She doesn't have a maths GCSE. She had worked for that company for 20 years, it hadn't been a problem then.

Booooot · 05/03/2023 07:30

My in laws retired in their 40’s! Very wealthy.

My grandparents retired in their 50’s. Both paramedics.

BatshitCrazyWoman · 05/03/2023 07:31

I could retire now if I wanted to, I'm in my 50s. Will definitely be retiring in a few years, as I've got loads of things I want to do. Whilst I won't be earning, I will be spending, so not completely 'economically inactive ' 😂

Blip · 05/03/2023 07:33

Majority I believe are in poor health or on NHS waiting lists.

Original poster
Orangetapemeasure · 05/03/2023 07:33

@PuttingDownRoots that is so sad. I hope she has found something to do that makes her happy (paid or not).

OP posts:
Spendonsend · 05/03/2023 07:33

I know a few mid to late 50s who have retired or wound down. They generally either did something quite physical like heathcare assistant or properly physical like scaffolding. Or they had very high paying jobs had saved a lot and then did things like become a trustee of something. Or they had cancer and just felt too crap to go back.

AvocadoPlant · 05/03/2023 07:33

In my circle I know people from the police, the fire service and teachers who have done their 30 years and retired mid fifties on a full pension.
police and fire - neither were front line fighting fires or chasing villains, both had desk jobs.

Original poster
Orangetapemeasure · 05/03/2023 07:34

@BatshitCrazyWoman 😂

OP posts:
ArcticSkewer · 05/03/2023 07:34

I plan to retire mid fifties and so do many people I know.
We are just normal people who either 1. have paid off mortgages and don't need a lot of money to live on or 2. have great jobs with great pensions

AlisonDonut · 05/03/2023 07:35

I took early retirement at 53, my OH did at 56 but we took it to leave the UK. We bought a house, smaller than what we really needed and overpaid on the mortgage the whole way through. I saved every penny after that, and my OH saved his, and he drew down his private pensions at 55 and we used that to buy a house in France and to fund our expenses thought a SIPP. I've now reached 55, and drawn down my private pension and that's now in a personal pension that gives me a monthly income. Our house in the UK is currently rented.

I can't see any reason for working if you don't absolutely have to. We'd had enough by then of working for tosspots who don't do their jobs properly.

Girasoli · 05/03/2023 07:36

My mum would have been one, she was a SAHM when we were kids and then got cancer in her 40s, by the time she was well again she felt it was "too late" to start again...especially as she'd only ever worked in her home country.
She's busier now in her 60s! Looks after DS2 two days a week, and help runs a community group.

Original poster
Orangetapemeasure · 05/03/2023 07:37

@Booooot there won’t be too many paramedics retiring in their 50s these days unless they have a huge inheritance to live off.
I guess there are some late 50s/early 60s living on the coat tails of the baby boomers, but early 50s (thanks for the examples so far)?

I also want to know if they go on saga holidays?

OP posts:
AppleKatie · 05/03/2023 07:38

I don’t know anyone in their 50s who does a saga holiday.

Strictly over 80s in reality I think.

EspeciallyDedicated · 05/03/2023 07:39

I know a few SAHM who had their DC fairly late (35-40ish), now 50s and never went back to work, one because a DC has SEND, one because she never intended to and has a wealthy DH, she volunteers instead, one because her DH was a hospital consultant always on shift/on call and it worked better for childcare/teenage taxiing plus elderly parent care.

Phineyj · 05/03/2023 07:39

@growinggreyer when were A*s invented, 2000s? I am 50 and always feel a bit peeved that my "old money" A grades don't look so good any more!

I know one person who while not retired exactly, is not really employed either. He made a bundle in property. He does work, for himself, but not in a way that would help the government stats (hobby farming).

Government should indeed adjust their definition of economically active for spending as well as earning. It all raises tax.

ArcticSkewer · 05/03/2023 07:40

Orangetapemeasure · 05/03/2023 07:37

@Booooot there won’t be too many paramedics retiring in their 50s these days unless they have a huge inheritance to live off.
I guess there are some late 50s/early 60s living on the coat tails of the baby boomers, but early 50s (thanks for the examples so far)?

I also want to know if they go on saga holidays?

Early 50s, our parents are late 70s or 80s. They are dying, we inherit, why keep working?

ArcticSkewer · 05/03/2023 07:42

Also know a few GPs who have almost maxxed out their pension allowance so they pretty much have to retire soon. They'll still do private work via a company so they can avoid the pension charges. So semi retirement

picklemewalnuts · 05/03/2023 07:44

I'm mid fifties, work part time minimum wage admin due to poor health. Teaching is too intense for me to manage, now.
DH is well paid (better than teaching). We want to retire early- we've lived modestly, saved hard, want some quality of life.

Crucially quality of work has changed- every job is so efficient now- no down time, intense from the moment you start to the moment you finish. DH is on calls all day, barely gets to wee/make a drink.
People burn out and get fed up more quickly.

SettlingForAnotherMuffin · 05/03/2023 07:47

I am curious about the definition as well. Google tells me it is just people not in work and not seeking work.

My best friend is 50 and retired. Yet I would not say she is economically inactive because she lives off investment income (property and shares) that she then clearly pays taxes on! My understanding is she earns about the same as she earned in her previous (much hated job) -under 40k approx and has no intention of ever working again. Being a single mother to a chronically ill child (father is deceased) makes working difficult and she just says she doesn't have to so why should she add to her considerable burdens? I can't really argue with that.

TodayInahurry · 05/03/2023 07:47

If you can afford not to work, why would you go back to work with the younger generation and their 23 genders and pronouns? If you can them then wrong thing you would get in trouble. Better to stick to gardening!