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.

It is defintiely a Boomer thing. I started part time work at 16, have had reasonable public sector jobs (I have been a higher rate tax payer for at least 15 years) and have decent good pensions. There is no way I will be able to afford to retire in my fifties.

I am not sure it is just a Boomer thing. Obviously it has got much harder (and will probably get harder still) for later generations but the FIRE movement has quite a following amongst millenials and they tend to aim to retire much earlier than 50s.

Do you think it's appropriate to call someone 'Karen Gammon' @Mummysalwaysright

@Ali85 I mean you have to be pretty well off for the FIRE stuff to work in any real sense.

Yes you definitely do (or possibly into being extraordinarily frugal) but there is quite a movement

I agree, @finnesbin - this is an unacceptable personal attack.

@Rainydaysgetmedown very much agree. We're in our early/mid 50s and our household income has increased substantially because of promotions and starting a side business.

We could retire now if we really wanted to but we'd be giving up a very lucrative time in our careers which makes no sense.

@Ali85 I think the current FIRE movement are going to find it harder than earlier cohorts to RE because investment gains are unlikely to be as high in the coming years as they have been in the past.

I don't even know what a Karengammon is.I know Karen but is gammon something to do with pigs or is it a white person? Anyway it doesn't sound very kind.

I will work until I die. My father worked to age 77 and died at 79. There are a lot of older retired people around me where I live, some retired for ages but they are all 70 or over so we can't count them. Neighbour 89 did stop work to have children and did not go back and that is probably the case for another one who is in her 80s, but another lady who is a doctor now in her 90s I expect worked until state retirement age. My siblings and I between mid 60s to about early 60s all work full time and indeed solely support our families.

However the FIRE thing an the hw to work a 4 hour week book I have upstairs is certainly something some people try to follow if they can manage it

I career changed from well-paid to badly paid (so not economically inactive). I can afford to because I have cheap tastes! Ive never had an interest in cars so always driven whatever is cheap but still goes. Im not into clothes, dont eat out that much, prefer diy back-packer type holidays, no pets, etc. When earning £80k that meant I paid mortgage off relatively quickly, and still genuinely dont hancker after expensive things now I earn little.

Its much easier not to want expensive things when you can afford them. Its depressing to live frugally when youve had no choice, but when you have chosen it doesnt feel like an issue. Though the current economy has made being frugal into being skint, which is bleak.

DH and I are retiring this summer - I’ll be 50 and DH 52. We’ve lots we want to do now our working life is coming to an end. It’s an exciting new chapter.

@Parker231 what are your plans?

Maybe I'm weird but I feel far too young to retire right now age 52. It would make me feel old. And I'd be worried about cognitive decline with potentially 40 years out of the workplace,

Plus DCs still in education so wouldn't have complete freedom to travel which is my main plan for retirement.

But horses for courses.

Both DH and I have had full on careers and achieved what we wanted to. DT’s have both graduated and settled in their jobs - different countries but less than two hours from each other. DH and I have moved continents and are ready to start our new lives.

I'm one, we live on my husband's pension. We've paid off our mortgage so that's no outgoing cost. We've also had a large inheritance recently so I've no need to work.

I have considered part time work but we like the freedom of being able to do things on a whim.

@Parker231 that sounds wonderful and similar to what we plan to do.

Once DCs settled and on career paths, we're going to move continent and start a new life. DCs also want to leave the UK (sinking ship). We''ll be 60 which feels right to me. I'm happy to keep working until then, I love my job which helps!