Who are all these ‘economically inactive’ 50 year olds

[Orangetapemeasure]

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.

I presume the Government is trying to reduce the burden on the benefits system. Especially with bigger demands expected in the future with the ageing population trends.

It isn't just that. This is also about the UK having a shortage of workers. People aged 55 and over are in the workforce at a lower rate than they were a couple of years back, so they're being seen as a potential pool to be tapped. Realistically or otherwise.

I have loads of friends aged 50-55 who fall into that category. Economically inactive, or economically under-utilised. One friend who is 55 who works one day a week on a casual basis and sometimes doesn't work at all. Another who hasn't worked at all since she had her children, the oldest is almost 18. I work part time and study part time and earn very little, just "pocket money".

We're all educated women with degrees and are not working full time, or even half-time. It's very common in the area where I live.

Also while we are not there yet, Dh and I may retire early. We have done as others did - lived frugally even as wages increased, built up savings, paid off mortgage, only had the number of children we could afford, worked hard and kept learning so we're able to progress up the ladder at work etc. So if we do retire early, it will be based on calculations that we can afford it and have contingency funds available for emergencies or changes to costs.

But as it will also be based on our efforts over many years to be responsible and lots of times where we chose the sensible rather than fun option on the basis of delayed gratification expectations, we would be very upset that our efforts were punished by Government if there were changes to prevent leaving work early and finally getting to do what we have been planning on.

I know lots of people who retired mid to late 50s. It's not unusual.

Except companies don’t want to employ over 50s….

I’m almost 50 and not even thinking about that until well into my 60s health permitting, I may even go on for longer. Most of my friends are at least as old as me and working, some in their 60s and they haven’t retired yet either. The only person I personally know who has is 70. No-one is doing heavily manual work though so presume that is probably making a difference.

People like @Grapesol & @BiddyPop have you factored in private healthcare to your retirement planning? My biggest concern is the model will change.

Yep! Schools certainly don’t want to pay teachers in their 50s at the top of their pay scale. I‘m sure they’d be welcomed back if they agreed to be paid at the bottom of the pay scale, but why would they?!

Which takes us back to the 'realistically or otherwise' part.

My mum worked until she was 72. She enjoyed it.

My one regret is not working when the DC were under 5. If I had my time again I’d change the years 35-42 and continue to build a portfolio career during that time.

I have no emotional stamina left now to help care for my elderly mother/MIL. I already felt like I gave up enough of my life for the drudgery of wifework and child rearing - no way am I doing it again. It’s viewed still as the woman’s responsibility to do this - the one who took time off for the kids should also do it for the ageing parents. It’s “mean” and “selfish” if you don’t. But these slurs are never made to men.

I’m not doing it! I’ll work instead, and be paid for it, thanks. Like a Man.

Occupational and private pensions can be claimed from age 55 (albeit actuarily reduced as taken early) so I imagine these economically active people have been paying shed loads of their earnings into their pension for years and have decided to claim them.

I personally know a couple of people in this position... they've worked for 35 years or so, they want a life style change and they've moved to the coast and are living off occupational pensions. Personally I think the govt is onto a loser trying to get them to return to work. If people can fund their own early retirement, the govt doesn't really have any leverage to persuade them.

What might have caused this shortage of workers?

You won't reduce the burden on the benefit system by forcing the over 50s back to work

At the moment if they leave work they can't claim benefits

If they go back for minimum wage or part time because that's all their health allows they won't be much contributing to the tax receipts either

Couldn't possibly have been anything to do with decisions the Tories have made like Brexit, lowering the age that workers can draw private pensions and fucking up the caring infrastructure so people feel they have no choice but to give up work to look after elderly relatives, I know that much.

You missed out

Runnin down the health service so many of them can't work whilst they wait for surgery or mental health support

So what’s the answer then?
Stop people from withdrawing their private pensions early?
Tax them heavily for doing so?

I can see those options going down well!

The danger for all these early retirees is that it's great in your 50's, 60's, even 70's, but then you probably have another 20 shit years, I'll health, care needs, when you will then expect the government (the younger generation) to subsidise you, and that's not fair.

I think that may eventually happen, but not yet. The Tories understood who they were appealing to when they introduced it: a key demographic for them. That hasn't changed, so the rules won't do so yet either.

I have certainly factored private healthcare as the HSE was never really universal and our families both have histories that mean we are likely to need access to certain services at some point. But then again, I am used to paying €60 to see my GP every 6 months for a repeat script and then paying €120 per month for my asthma meds.

So we've never had the basic healthcare system like the NHS available to us as we have always been above the threshold to get the medical card for free care.

We should still be able to pay our way. When we need to pay for care, we won't be running a car, eating out or going on holiday. That will pay for care up to the point of full time residential. At which point it probably comes out of our house.

The way we tackle healthcare for the elderly is problematic. My uncle is in and out of hospital, by ambulance, every couple of weeks. Stays in. Gets discharged. Falls over. Goes back in. Rinse and repeat.

We're being kept alive longer than we can manage, and that's not ideal.

Your uncle isn't getting the support he needs to be safe and healthy

I really dislike the attitude that the eldery are an incomvienet cost

That human lives are only worth living if they at that point in time are a net contributor of wealth

Everyone gets old. I'm not sure why people who retire earlier would be in less better health, have more care needs or have '20 shit years' than anyone else.

We still pay taxes remember.

The older generation subsidised the older generation before them

And it been like that for about 80 years

It's obviously a difficult issue but perhaps one we need to explore further @picklemewalnuts

I for one don't want to endure years or decades of disability, altzheimers or cancer treatment. If it comes to that, I'd much rather have my life ended.

I was reading the other day about a woman in Belgium who had chosen to be euthanised because she had been severely mentally ill for decades, I think she'd murdered her children and been imprisoned or detained in a psychiatric hospital.

Obviously with the right protections to stop people shipping off relatives against their will who are an inconvenience, I think this is an option people should be able to choose.

Obvious answer is Brexit but a shortage of workers in industries like hospitality is also down to people making money online instead. Hordes of women now earn a living on Only Fans, or as influencers, where previously they may have worked in hospitality or retail.