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.

Me (well I'm 49). Had last child at 35, moved to a new area so gave up childminding. Haven't gone back to work. Qualified as a teacher when in my 20s but feel too out of touch to go back to it. Daughter suffers with anxiety and requires a lot of attention throughout the day, even when at school.
Financially we are okay, so although extra money would be lovely it's not necessary for paying bills and living.
I wouldn't know what to do now anyway - don't feel qualified for anything anymore. Also since menopause has hit I cba with anything, so have no motivation to retrain and wouldn't want to waste the money on it tbh.
Also I mostly like my life as it is.

@ImAvingOops what's your retirement plans ? Will your DH need to keep working until 67 ?

Dh plans to retire at around 60 - 63. Depends on how he feels closer to the time. He has a good pension set up. If anything happens to him, I've got him insured to the hilt, but we have money in our house, we could sell and move somewhere smaller when the kids eventually all buy their own houses (only one is a homeowner at present, the others rent/boomerang back, dd still a teen). I could do with topping up my state pension tbh but on the whole we're okay.

I am intrigued that so many people in turn, know many others who have retired in their 50's. We don't know any, we are all late fifties, early 60's, all in professional highly paid jobs. All maxed out on pensions etc, so not because of lack of financial stability. No-one has a desire to retire. Some are even doing Masters and PHD's to add to their workload. Even when "forced" to retire, we all intend to take part time paid work in consultancy or similar, and health allowing, will probably all do something until early 70's.

Depends what job you’ve been doing, some are a lot more physically/ emotionally draining and demanding than others.

Dh is a hospital Consultant, he’s nearly 56 and having to drag himself in every day now. When he was 40 he would never have imagined feeling like this.

Do you mind me asking what you do if you have already maxed your pension out in your late 50s? Do you just accept that you are going to be hit with a punitive tax rate or do you stop contributing and forgo your employer's pension contributions too? Once you max out the pension the (financial) cost/benefit of staying in a professional job really seems to shift.

Why though? If people prioritise investing in a pension to the extent they can retire early, why on earth should they be 'supported into new work' if they no longer want to work? Its a perfectly valid choice.

Ultimately, the only thing that's guaranteed to prevent people in that position from retiring early is a change in the law preventing it. Most of the rest is just pissing about.

And if someone who retired at 55 on a good pension is going to find their way back into paid work, it's liable to be because of a good offer from a contact or something of that nature, bit of consulting or whatever, not 'support' from whoever the government have managed to recruit.

And exactly the reason why this latest Tory plan won’t work!

As a pp suggested, they need to look at what the gap in the job market is and plan around that. Who do we need? Is it nurses/teachers? Is it fruit pickers? Carers?

Getting retired accountants and city lawyers in their 50s back to work is only useful if those are the employees who we are short of.

If it’s teachers and nurses, try to establish why they aren’t staying, and find way to retain and bring back the ones that are leaving!

Ultimately, the only thing that's guaranteed to prevent people in that position from retiring early is a change in the law preventing it. Most of the rest is just pissing about.

And the Tories will never change the law in a way that prevents rich people hoping to retire early because that’s the core of their voters!

Me, I'm another!
Worked until 9 years ago when I was made redundant at age 45 (now 54). At the time my ASD DC became a school refuser, and another DC had MH problems. It was good that I was around to support them, as DH started working away quite a lot round about then too.
I did tentatively look for work a little while later but there are minimal opportunities where I live for the work I do, and the DC still needed looking after, so in the end it never happened.

DH earns well and we own our house outright, so financially it was, and still is, very doable.

Yep I don't see it happening for a while yet. And it won't be this lot that do it. Quite apart from anything else they're not going to be in long enough.

Some MPs seem to be inactive, although not economically!

Why? No idea ! Seems very unfair that people who save to build the life they want get penalised because the government couldn't understand the basics of how our economy is propped up

Especially in this case firefighters who don't have the easiest safest job

Even when "forced" to retire, we all intend to take part time paid work in consultancy or similar, and health allowing, will probably all do something until early 70's
Yes, I would have said this a few years ago too. Then I was forced to retire, and though unhappy about it initially I soon realised precisely why recent retirees who pop back into work from time to time seem to look about a decade younger than when they left! I have no shortage of things to do with my time, have no debt and a relatively modest lifestyle so no actual need for any more money, and the freedom is great. I do do quite a bit of voluntary work and there are a few fixed commitments but a fair bit of it is admin type stuff, hence I can do it whenever it suits me. It's sunny here today so I think I will go for a walk on the beach after lunch and do my voluntary stuff once it's gone dark.
My identity was very much tied up with my work and I did genuinely think I had a need to work that went beyond the financial, but I was wrong. There are some things I miss about working of course, but even if I woke up tomorrow having had a miracle complete recovery from the medical issues that forced my retirement I wouldn't want to go back now. My physical health has improved quite a bit and my mental well being is better than it has been for decades - and I wouldn't even have said I was particularly stressed at work, compared to many of my colleagues. It had become so normal that I didn't notice the ill effects until they were gone.
Obviously not everyone is the same. My FIL continued to work well into his 70s and still does the odd thing now he's in his 80s. But I know quite a lot of people who have been adamant about not wanting to really retire who have completely changed their minds once they are actually there, so I would say keep an open mind.

I know two, retired because their spouse was
Older and financially secure enough to do so, the loss of her income means they are very frugal and just about get buy, they are happen with that. Mortgage free, she has a career in healthcare so will always have work available.

I'm very jealous. Both of these women are ex work mates and spend most of their time caravanning or barge boating. It looks like a good life.

@Fromwetome is bargeboating sailing down a canal in a barge? Dumb question I'm sure!

My DH is 55 and retired. He has taken part of his pension and is a stay at home dad to our teenagers. We are mortgage free, I’m younger than him and earn enough for us to live comfortably on. You’d have to offer him a huge salary for him to return to work….

I'm 52, disabled and on a part time contract that is about to end. I have loads of consistent admin experience but am not getting past the application form stage, I suspect because of my age. Really frustrating and upsetting so I call bullshit on loads of us deliberately sitting around twiddling our thumbs. Employers will not look at older people. Throw in female and disabled and its a triple whammy...

I am not disagreeing with you, but something surely doesn't add up here?
On the one hand we are told that there staff shortages in many sectors, businesses cannot get anyone to work for them and are struggling to stay afloat as a result. And yet there are over 50s looking for work.
Does this mean that businesses who need staff are choosing to go out of business rather than hire the over 50s?

Who knows what goes on in some employers heads. DP is 51 and has applied for many jobs he has the skills and qualifications for but, so far, not had 1 single interview. Clearly there are some businesses who are not struggling as much as they make out.

Not quite so simple. I suspect this has always existed but is now thrown into sharp focus because we have lost access to cheap, EU labour. In my case I cannot work the fields, stack shelves or flip burgers (all of which I have done in the past) so I am physically limited, added to living in a rural environment and now challenged by additional age prejudice. The empty jobs are those I cannot do. Those employers are the ones who will now struggle. Pointing the finger at lazy 50 year olds is just a smoke screen to hide the real issues. Your point is absolutely correct, but is not the true problem.

So when Jeremy Hunt told retired people to get off the golf course what he really meant was get off the golf course and go and do backbreaking work for hardly any money.
Surely he realised that wasn't ever going to happen 😳

Some of these people can do it because they have no children.
I know at least 2 , decent jobs, only themselves to spend it on.

Some of these people can do it because they have no children.
I know at least 2 , decent jobs, only themselves to spend it on
My DH and are 54 and 56, we’ve been retired for 18 months and have three DC who are their 20’s and 30’s.