"Great unretirement wave hits as 100,000 forced back to work"

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"Great unretirement wave hits as 100,000 forced back to work"

Postby dutchman » Tue May 16, 2023 6:33 pm

Cost of living crisis bites as UK has lowest number of early retirees since 1994

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Nearly 100,000 early retirees have returned to work as the cost of living crisis forces many to reassess how much money they need to live comfortably.

The number of people aged under 64 who are in retirement fell by 93,000 in the 12 months to March, the Office for National Statistics (ONS) said.

There are now just over 1m working-age people in early retirement, the ONS said, which was the lowest number since 1994.

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the figures showed “a full reversal” of the rise in early retirement seen during the pandemic.

Stephen Lowe, of retirement specialist Just Group, said the shift was likely driven by inflation as rising bills and expenses forced people back into jobs.

Mr Lowe said: “The cost of living crisis may force people back into work to top up their income and pension.”

The trend of people giving up on early retirement – dubbed the “Great unretirement” by observers – has been accelerating, with 38,000 people returning to the workforce between January and March, compared to 15,000 between October to December last year.

The numbers will be cheered by Chancellor Jeremy Hunt, who made a push to get early retirees back in jobs a key part of his budget in March. The data published on Tuesday only covers the period up until the end of March and it is too soon to measure a response to measures laid out in his Spring Budget.

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dutchman
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Re: "Great unretirement wave hits as 100,000 forced back to work"

Postby dutchman » Tue May 16, 2023 6:38 pm

They haven't 'returned' to work though, they've just not retired as early as they otherwise might. It's as much due to fall in investment income as the rise in the cost of living.
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