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Original poster

Who are all these ‘economically inactive’ 50 year olds

515 replies

Orangetapemeasure · 05/03/2023 07:22

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.

OP posts:
Fizbosshoes · 05/03/2023 08:08

I know several women around 50 who are SAHM to teens and haven't worked for years. They have a nice lifestyle because their husbands are high earners. I can't imagine any of them being persuaded back to work

cakeorwine · 05/03/2023 08:09

I think there are a mixture of people who can afford to retire, those who are ill and are struggling to find work - and those who want to work, but who aren't able to get work.

Because being 50 is seen as "being old" - whereas it really isn't.

I don't know how easy it is going to be to get people back to work who either don't need to or where companies just don't want to hire older workers.

SerotinaPickeler · 05/03/2023 08:10

The government are total CF's! My DH and I both worked for the public sector and were handsomely rewarded for retiring early as our organisations needed to cut costs due to government austerity measures. Our previous employers are now struggling with lost skills since us old 'uns (mid 50's!) have gone. Seems the austerity programme idea was a bit batshit. Who knew? 🤔

Zipps · 05/03/2023 08:12

We'll be still paying tax, but intend on spending and gifting most of our money to avoid inheritance tax etc. Never going to be 'enticed' back to work by this Government. In fact we're taking a leaf out of their book and putting ourselves first.

Bleese · 05/03/2023 08:12

Bard6817 · 05/03/2023 07:56

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!!

Surely you'd have to be on a very low wage or driving a very expensive car for going to work to only make you 10% better off? My lunch at work costs no more than my lunch at home as it's the same - sandwich, banana, yoghurt sort of thing. Work clothes don't cost more than any other clothes in most professions nowadays, since workplaces are more casual. A second car doesn't cost that much - maybe a couple of thousand (certainly well under £4k unless it's very fancy) in diesel, tax, repairs and the cost to buy it when averaged out of the years you'd own it.

VanCleefArpels · 05/03/2023 08:12

Senior Officer ranks of the armed forces often have to retire in mid 50’s on a very generous gold plated index linked pension for life. They might do voluntary roles thereafter

people who worked in the City, in jobs that have serious bonuses but which require very long hours, never “off duty” on holidays etc in return - after 30 years of that, with mortgage paid off and pension fund maxed out, maximum ISA investments every year etc etc then why wouldn’t you?!

Oneofakind1 · 05/03/2023 08:12

Most teachers I know in their 50s are retired. In fact it’s hard for some of them to keep their jobs as during school reorganisations they are the first to be made redundant (happened across the whole county where I live.)

The others I know who retired in their 50s are an airline pilot (hated the stress,) a wealthy business owner who sold his business and a friend who had a serious accident and hasn’t got back to work since.

SimplySipping · 05/03/2023 08:12

49, I've been busy trying to support my autistic teenager who hasn't been coping in school for years, and fighting for support for him.

The process has shredded my mental health and I'm permanently shattered.

There's an epidemic of teens unable to attend school and I know several families where one parent has dropped down this gap.

midgemadgemodge · 05/03/2023 08:12

I know a lot of 50+ who have given up work

3 have significant physical health problems

A few others were suffering burn out - I am heading that way.

We all suffer from despair at the state of things - the state of the planet and the state of the welfare state. What exactly is the point of working when you see how over your lifetime that has just led to things getting worse and worse?

Why work more and harder to help the rich get richer , whilst the poor get poorer, whilst the NHS and education get starved of cash and the planet burns? Every year more of my work went to making the rich richer and less and less went to making the world a better place

So I am also seriously considering giving up . I am already living a cheap life - much less than a single nurse or teacher salary - so I could live on savings till pension age

yes I can how how 2 teacher salaries would not be enough to live on if you are paying rent and childcare - but that's just another reason why I want to do everything I can to NOT support this current government- because the tories started this mess with the council home sell off and have been shafting the population ever since

Maraudingmarauders · 05/03/2023 08:12

I might be being g stupid but why do they want them back in the workplace? If they're not buying stuff, fair enough but most people who retire mid 50s have a decent financial situation and spend money in the economy. Why do they need to be back in the workplace possibly blocking higher level jobs for people mid career?
My DM retired at 55. She's now 65 and has spent the last ten years volunteering, participating in hobbies (which means buying things) and generally enjoying her life. Her and my DF paid off the mortgage when I was a teen due to inheritance and live comfortably on savings and private pensions, state pension will top them up.
I'm really not sure what would be gained from her going back to work. I'd arguably say she is more helpful in society now she volunteers for multiple groups than in one salaried role. She certainly has more time to spend her money now she isn't doing the 9-5 grind.

FeltCarrot · 05/03/2023 08:12

DH retired at 54 and I retired at 56, we live comfortably enough, no mortgage and will live off investments and then access pensions in a few years. We have a number of friends who are doing a similar thing and others who will retire before 60.

footstoop · 05/03/2023 08:12

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

I think that is going to come or it will happen by default eg NHS waiting lists too long so only those who can go private can get treatment.

rookiemere · 05/03/2023 08:13

Our neighbours who are early 50s have retired a few months ago. I'm very jealous. Basically they got the funds out of their final salary work pensions before the government stopped people doing it, and self invested it so have a big pot.

cyclamenqueen · 05/03/2023 08:14

I suppose that’s me , I stopped work about 2 years ago and am late fifties, and I know a lot of other couples where one person has either stopped or greatly reduced work in their fifties , not always women.

I do work in a voluntary capacity as a trustee for a pretty large charity and also volunteer in my local community. But largely I am caring for /supporting my parents and PIL .

I think it’s no coincidence that this has coincided with a crisis in social care and childcare. My contemporaries also spend a lot of their time supporting elderly parents and relatives or providing childcare for their children. We often joke that there is no time to work and frankly I was struggling when still working to fit everything in.

it’s not like we are all going out for lunch and going on cruises.

DutchKatje · 05/03/2023 08:17

I’m 50, my job fizzled out during the pandemic and I never went back. I volunteer now. Dh is 55 wants to take early retirement at 57 because we have decided to leave the uk after Brexit. Decent salaries and modest living means we can do this.

cosmiccosmos · 05/03/2023 08:17

I'm not inactive but have worked part time for a number of years. I could easily work full time but don't want to. I also volunteer for 2 different organisations.

I had an absolute ball in my 20/30s working, now, however all I see is people getting treated like crap by employers especially if you are in low paid jobs. Zero hours contracts, hiring and firing etc. if people aren't working it's likely these jobs the government want them to get back to. Why would anyone who was more senior go back when they're comfortable?! Additionally those in their 50s who got on the property ladder would have done very well for themselves.

So they have a big bunch who can afford to retire, a big bunch who cannot work for health etc reasons, another bunch who have caring responsibilities (saving the government £££) and then a few they want to work more/get back to work.

I think they need to focus on those in their 20s who aren't working. Seems to be there's more of them.

cakeorwine · 05/03/2023 08:17

I might be being g stupid but why do they want them back in the workplace? If they're not buying stuff, fair enough but most people who retire mid 50s have a decent financial situation and spend money in the economy. Why do they need to be back in the workplace possibly blocking higher level jobs for people mid career

Because, for "some reason", we have a smaller workforce and our economy can't grow as much because employers can't recruit people.

taxguru · 05/03/2023 08:17

Out of our neighbours: Police, fire officer, teacher, GP, GP practice manager, dentist and a couple of our neighbours are housewives who never went back to work after having children. Virtually all our neighbours are economically inactive!

The ex-fire officer does work though, he walked straight into a consultancy job in the nuclear industry and very high pay and company Mercedes!

User18695438 · 05/03/2023 08:17

A few friends retired age 55-60 because of recent changes to the company final/average salary scheme and it was better for them to go early

midgemadgemodge · 05/03/2023 08:18

Inheritance tax - stop people passing wealth on

Or a wealth tax on what people have gained without doing anything not taxing savings . I am sure everyone who owns in a London home will love a tax bill for the rise in value their house has made

footstoop · 05/03/2023 08:18

@reluctantbrit I did say some people... & evidently there are some on this thread.

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.

Not everyone has a family & buying was a lot easier 30 yrs ago.

And house price increase doesn't help if you don't downsize and release the funds.

obviously

Otherwise it's just papermoney you can't use. that's not true, it lowers LTV freeing up money or can be used to invest against other things eg other properties.

I'm in the public sector & many of my older colleagues have million pound house, an additional property & an excellent pension even in their 50s.

Strawblue · 05/03/2023 08:18

BIL retired at 54 (now 59) due to being a shrewd investor from his early 20’s and making other sound financial decisions. He spends his time travelling the world, socialising with friends, monitoring his investments, and doing a few hobbies.

He said when he discovered investing in his 20’s he tried to tell his friends about it but none of them were interested and said it was too dodgy. He’s the only one retired now and has zero interest in returning to work because he has no need to.

MyriadOfTravels · 05/03/2023 08:18

From people I know

  • they have LC
  • they have some health issues and don’t want to take the risk of being in an office Wo preventive measures put in place
  • they’ve lost their jobs around covid time and can’t find a SUITABLE job again
Tiredalwaystired · 05/03/2023 08:19

My friend set up a patent law firm in her 20s. Sold it and retired at 55.

Meceme · 05/03/2023 08:19

I suppose you'd include me in this. Mid 50s, stopped working due to a horrendous mental breakdown at 50, seriously considered suicide at one point. I had always been the higher earner (not high earner - senior teacher SLT ) but was too unwell to return. Currently work approx 16 hours in NMW charity job. DH retired but both too young for state pension yet. Household income less than £15k but we've always lived modestly and saved, paid off mortgage years ago so have some security. There's no way I would ever go back .... the job I loved nearly killed me.