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 imagine quite a lot of the economically inactive will be unable to work due to their health.

Some might be able to work again given surgery and the appropriate rehabilitation, but ageism among employers, and some younger people, is rife now

I'm 51 and going from the NHS without a shadow of a doubt at 55. I invested a sizeable inheritance for this very purpose. Before if we inherit again which is quite likely but not calculated into our plans. DH is already a high earner and will do the same.
Don't plan to work again at this point.

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

Yep, can you tell that I am holding a grudge?! I completed an application form before I noticed this requirement in the person spec. Guess it was a form of age discrimination. Anyway, I am working in a school that values me for my knowledge and experience now rather than my 16 year old boy-crazy self!

I don’t know anyone in their 50’s who aren’t, at least, working PT.

I know one, mid-Fifties and on a comfortable Final Salary scheme plus investments.

She retired when her husband (60) retired.

I assume they potter around like most retired people, she has family she loves to spend time with, some are abroad, same as her husband's familty. No children but a dog.

I have a friend whose husband was a firefighter and has been economically inactive since the age of 50. they get to retire on full pension after 30 years of service so if you start at age 18 or 21 you can be retired at 48-51. I believe the same is true for police and armed forces. obviously with such physical roles there needs to be a pathway out of active service but it seems mad to me to have an expectation of only earning for 30 years out of an 80ish year lifespan.

it would be better if the default was for the pension to pay out initially between 1 and 5 years to allow for some recovery/reset time followed by a period of retraining/gaining qualifications as needed, then the pension paused/deferred until age 67 unless (on a case by case basis) there was some kind of mental or physical issue that made further employment inappropriate

I am 57 and have taken early retirement so I suppose that makes me "economically inactive".
OH is 3-years younger and now works PT (2-days a week).

Retiring at 60 was always my plan but a restructuring at work made it viable for me to leave 3-years early so I did it.

well some older people will have benefited from house price increases & excellent pensions so retiring in their 50s is possible. However I thought the data said that many who comprise the "silver exodus" aren't wealthy which has spooked the gov as we have a shortage of workers & an ageing population.

I retired in my early 50s but not by choice, it was due to ill health. I could conceivably go back to work in a less physically demanding job than my previous profession, but despite the government's assertions, the list of employers in my area who are keen on taking on someone in their mid 50s with no experience in their field and who would probably only manage part time hours anyway, is kind of short. And I can't say I blame them - I don't think I would want to invest in retraining someone who is likely to retire again in under a decade.
I do some volunteering and have a few hobbies so I keep fairly busy. No SAGA holidays here - we still have teenagers who holiday with us.

@TodayInahurry i agree. People who love their jobs will stay in them, people who don’t and can afford to leave will. I can’t see this particular campaign working.

How many of above examples who retied in last 3 years?

Because that's the news story, the excess-retirement of people since March 2020. I can only think of one person who fully quit work since then, and it wouldn't surprise me if she starts work again after all. I know people who have stepped down roles, cut down hours, gone sideways, etc. But almost no one completely left work. Nobody I know left work due to ill health since 2020.

One gal slowly went into retirement in her 50s with mounting health problems and gave up work in 2019, when she was ... 58. Another lady needed a knee replacement, she may have paused if not got it yet. She could have paused paid work since 2020.

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

Most tax revenue comes from income

What about younger people too what if they didn't have any of that ?

Just looked it up and it appears to include anyone from 50 to mid 60s, whatever current state pension age is, so many will be in their early 60s, not 50, and a lot of people this age will be entitled to a full employment pension at 60, or reduced pension at a younger age, plus could have inherited from parents or have downsized and released a significant amount of money so could have a few reasons why they don't need to work so why would they if they don't want to?

I'm 49 and am already planning to drop a day a week in the next couple of years and then go to half time, probably 3 shorter days per week in my mid to late 50s as I will be able to take some of my pension as a partial retirement scheme then and I have several older colleagues who are currently doing this. I'm not a particularly high earner, only slightly above average wages but am childfree and naturally frugal so habitually spend a lot less than many people.

I’m 53 and not working at the moment due to ill health. I’m not sure an employer would want me or that I could do it.

Wasn’t it the Nazi’s who had the sign over one of their camps entrances…. “Work makes you free”

We live in a society now where two incomes are generally required to keep a roof over head, heating on, food on table….

I enjoyed aspects of my work, but semi retired at 48 - I wouldn’t say I was economically inactive but: we have 1 car instead of 2, we use the supermarket, we have hobbies, we go abroad far more. If I’d continued to work full time, I’d pay more tax, travel costs would be huge (extra car or train) sustenance at work would need to be budgeted more, basically only about 10% of difference when you factor in cost of working - not to mention having zero time for self/us.

So I’ve never believed in working being much more than a requirement to survive, and when the balance changed, I got out. Don’t know how I had time to work before!!

I know a couple of 50 yo who lost jobs in the pandemic and didn't go back to work. Both ill health and now claiming benefits.

I think the issue is having so many people "retired" which reduces the tax intake because income tax is taxed more heavily than other taxed plus we have the NHS. It's not going to be possible to fund the current system with the demographic changes.

I'm early/mid 50's OP and stopped working around 7 years ago. We have enough, thanks to DH, for day to day, although still have a mortgage and no great pension pot.
The past few years of 'inactivity' I've spent caring for my mum, who had dementia and died in horrific curcumstances. Then, the same for one of my girls, who went through a few years of catastrophic mental illness. Holding the family together, holding HER together, was my 'job' for a bit..

After all that, the government can get fucked if they think I'll take any marching orders from them.

If reduction in income tax is a worry, then the obvious next step is a wealth tax…

A* in GCSE have been around since 1994. At A-levels since 2010.

I can full well imagine that some recruiters have no idea what a CSE or O-level means, or that GCSE and A-levels only went up to an A grade not 'that' many years ago. Though why these qualifications are absolutely essential for someone who has a 30+ year work history is also ridiculous in some cases.

Me and my DH! We're retiring this year, both mid 50's. We have lots of savings, investments, pensions and zero debt or mortgage.
We're very active - have motorbikes, campervan, hobbies, go on lots of holidays, gym/NT membership, have grandchild, pets, hectic social life, volunteer etc. We don't have time to work anymore. A few friends our age are doing similar and some planning to in the next few years.

What jobs are the Government wanting these people to do? As a pp said lots of them have health issues and are awaiting NHS treatment.

Im 56 and work 3 mornings a week as a TA, that’s enough for me thanks. I intend to retire at 60. DH is 56 and will retire from the NHS at 60 (possibly before), because he will be hit by the pension tax debacle.

I just turned 50, DH is 54. We still have a mortgage and a child in education which we need to support for the next 5-6 years. Most of our friends are of a similar age and similar circumstances family wise.

I doubt that unless you had a decent start capital at 20 you managed to be so wealthy that you can support a familiy at 50 without additional income.

I only know childless people being 50 and "economically inactive" or where one partner is still working or drawing a good pension and can support a family.

The people who you describe are mostly in their 60s I would think.
And house price increase doesn't help if you don't downsize and release the funds. Otherwise it's just papermoney you can't use.

Pils retired in their 50s just over a decade ago. FIL was one of the last "ordinary" folk ( ie never a higher rate taxpayer) in the private sector to have a rock solid final salary pension that he could take at 55. When the mortgage was paid off there was no financial need for either of them to work. They live modestly but well - one second hand car, UK holidays.

I know a few more NHS staff who took pensions at 55, but all have done at least part time bank/locum work until 60.