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.

The older generation subsidised the older generation before them

And it been like that for about 80 year

Yes but the demographics have changed. So in the 60s there was about 5 workers to every pensioner now it's about 3:1.

I agree with this.

I’ve worked since 14 (part time jobs through school, college and Uni). Started teaching at 21. I was raised in poverty. Been funding my mum’s nursing home care for the last 12 years. it’s one of the reasons why I think I can “retire” at 50 as she’ll probably pass by then and I’ll have that disposable income (sorry if that sounds harsh but she was never a “mum” but I couldn’t bare to see her in a council home).

I can’t teach til I’m 67. It’s been better this year going to 4 days but although I’m mentally happy, I still feel tired.

I think some jobs suck the energy out of you and it’s impossible to continue in them.

So drawing down our pensions and looking after ourselves is a good thing right?

Going to uni as a mature student so this will hopefully lead to a high paying job. Getting a highly paid job and paying a big whack into a pension.

The vast majority of people I know including myself went to uni & got good jobs. We also pay into pensions but the better scheme at my work closed to new entrants whilst I was at uni. Getting on the housing ladder was the best choice I made but it wasn't really a choice as I had significant family help to do it.

So drawing down our pensions and looking after ourselves is a good thing right?

I doubt everyone has the same definition of "looking after ourselves" tbh!

@Meandfour , I can understand some people currently in their mid to late 50s retiring with golden pensions etc. I can’t imagine this as standard going forward….even with an excellent pension they will have student debt and the generally higher cost of living.

@footstoop my good life choices were
To not move up the property ladder and stay in my first and only home.
To save all spare money.
To never own a car.
Doing this has enabled me to have the luxury of leaving work in the next couple of years

With the exception of a couple of people who've worked in either the police or NHS I don't know anyone of my age (late 50s) who isn't working. I expect to have to work for at least another 10 years or so and so do all my friends.

Oh yes but you said these days. And the ones these days are certainly retiring in their 50s. They didn’t have to do the degree 30 years ago.

I was made redundant aged 57, that was over 2 years ago.

I was registered with a job centre for 6 months, i never got a single interview, i applied for loads of jobs too.

So i had a rethink & decided to retire for good, its been brilliant.

IMHO The Govt is using the early retirees as a ready made excuse for their economic failure and the loss of EU workers, thought to be around 330k.

We deliberately bought a smaller house in a better area, one that we could afford on one wage, should one of us lose our jobs.

Whilst others were swanning off to Mexico on holidays and driving round in very expensive car, I had a Fiat 500 and was meal planning and doing mystery shopping to supplement my income.

Whilst others were getting bigger and bigger houses, we put every spare penny to overpaying our mortgage, I even had someone snort at me when I explained it would halve the time we'd spend paying it back, which it did. It saved us thousands.

I also paid my mothers mortgage for nearly a decade so that she in turn could retire and do childcare for my brother's kids. I haven't ever had a penny in inheritance, it has all been hard work and living well within our means.

i have a family member aged 55 who retired last year. Single and no kids and a great pension, only had 1 employer since her teens

Me. Not quite 50 but economically inactive.

and said wealthy people got there by creaming off the profits from the workers, that's why the govt wants us all slaving away, to help the rich get richer
they can duck off

They're a v v expensive hobby. We'd be thousands of pounds richer just by counting all the money we've spent on childcare over 14 years on 2 children. Not to mention the cost of having 2 extra people who contribute very little, other than cb
Whilst I agree that having children is costly in many ways I dont agree that being a parent is a hobby. I've raised 2 children to adulthood who are now working and contributing to society, this is vital (albeit unpaid) work which is needed by society

I know lots of partners in my law firm who retired in their early fifties. I am sure HMRC would love them to keep working because they paid 500k plus in tax in the last 15 years. And they can’t put any of it into a pension anymore. They work 12-16 hour days, hardly any holidays, work most weekends.
I understand why they are burnt out by 50-55. They have paid their way. Some come back as consultants on a part time basis a few years later.

It must depend on the circles you mix in. Most people I know are teachers and all except one I can think of retired in their 50s (some had a helping hand and didn’t really want to but were first to be made redundant.) No regrets from anyone I don’t think.

Are they talking about SAHP’s? A lot in my circle had kids later and now only one half of the couple works.

Sorry, that wasn't clear. That's how much it'd be worth when I draw it at 67.

I've been wanting to 'retire' for a few years now. I'm 57, divorced 11 years ago with a 21yo DS living with me (contributes £150/month).
When I was married we were rubbish with money, when we divorced we both had to start again. My mortgage was about £140k. I worked my arse off while being a single mum, moved house a couple of years ago to a cheaper one and reduced my mortgage by £30k. I've got a personal pension with a decent sum of money in it, my current work pension (3.5 year's contributions) and a previous pension worth about £5k a year when I'm 66.
I've recently reduced my hours slightly and work over four days which has made a huge difference to my quality of life.
If I didn't have a mortgage I would seriously consider giving up work. I think I'm just knackered as a pp said. Have worked 40 years with minimal 'breaks' and just need a rest. However I've accepted I have to work for a few more years just to accumulate enough lump sum to pay off whatever my mortgage will be.
A friend retired from the NHS at 55 and her husband from British Gas same age. Both are now loving life.

Three of my small group of close friends who are mid fifties have given up work in the last year. They all have no kids and very good pensions to take !

And i should add the rest in our group are frantically trying to increase hours/ earn more to put kids through Uni and help them onto the housing ladder !

If I list my job I'm not sure i would seek another. Financially I can quit (50)

What would persuade you to return to the workforce?

@neitherofthem absolutely nothing would convince me to work past 55.