Statistics show spike in older people leaving UK workforce

Recent UK statistics show that the number of people in the 50 to 64 age bracket who are economically inactive has dramatically increased. Since the pandemic began in March 2020, close to 250,000 more individuals in this age group are neither employed or seeking an employment opportunity.

Individuals who opt for an early retirement can find advice from financial experts beneficial. Specialists in retirement planning in Shropshire, Hertfordshire and other UK counties help their clients not only before but also after they have retired. To make sure retirement plans are still effective, they require periodic revisions. Regular assessments can ensure they stay on track and reflect changes in personal circumstances and economic markets.

The new trend of older UK citizens making an exit from the workplace is in stark contrast to the situation present prior to the pandemic. Before March 2020, more people were selecting to continue working for longer due to a range of factors, including changes to the State Pension age and financial pressures. As a result, Britain experienced the highest employment rate for 65-year-olds that it has seen since the 70s.

Experts suggest that while some retirees have wealth to fall back on, others are content with a more frugal approach to retirement. However, organisations dedicated to supporting older workers have commented that many people in the age group feel forced out of the employment market by inflexible companies and ageist recruiters. Many employers are unwilling to hire older staff who live with long-term health conditions.

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