Why are young’ish people leaving the job market?

[eggsarascal]

Listening to the wireless just now, the topic is, people in their 50’s leaving work behind. I bumped into a fella I used to go to school with at the local remembrance parade on Sunday, his plan is to finish at 55 when his pension kicks in, mine also kicks in in 3 years time, and I’ll probably slowdown when it does. If we all pack in, or slowdown at 55 what will be the end result?

[Bob_z_l]

Good point.

Hadn't thought about it that deeply. I have a pension available at 60 (3 years time). I do plan to slow down as recently I've had a few mates around my age die or be diagnosed with life limiting illness. 
Not being greedy, just want to enjoy the rewards of working solidly since leaving school at 16. 

On the other side of things.. The current company I work for, has developed an apprenticeship programme. Nothing like the apprenticeship I had, but an effort nonetheless.  

There ought to be a young workforce to continue IF they can afford to live , eat and commute to the job. 
 
A whole different thread completely.

[Stere]

There are alot of peope with income from second homes rented out and/or a partner that has a well paid job.

 

Ladies who lunch etc.

 

 

 

 

[eggsarascal]

4 minutes ago, Stere said:

There are alot of peope with income from second homes rented out and/or a partner that has a well paid job.

 

Ladies who lunch etc.

 

 

 

 

That doesn’t answer the question, if people are pulling out of the job market in their mid fifties who’s going to do the work required?

[pleasant]

I deffered my personal pension when I got to 55, as I was still enjoying work and TBH I simply couldn't afford to retire- particulary now I have to work until 67 to get the state pension. So put it back until I would be 60

 

That was nearly 5 years ago now, so next year i can start taking it......and I still can't afford to retire. Just received my pension statement for the last years payments and my pot has gone DOWN by 25k on this time last year.

 

 

Edited November 18, 2022 by pleasant

[GarethM]

Were these people interviewed called Tarquin and Florence ?.

 

Whilst it's true for those that have worked mostly high paid non manual jobs they want to get out by 55.

 

Everyone else with a trade can't 

[eggsarascal]

1 minute ago, GarethM said:

Were these people interviewed called Tarquin and Florence ?.

 

Whilst it's true for those that have worked mostly high paid non manual jobs they want to get out by 55.

 

Everyone else with a trade can't 

Really, I’ve been in a manual job all my life, I’ve paid into company and private pension's.

 

Simon from Stoke.

[Woodworks]

I guess if you can afford to stop working in a job you dont like why wouldn't you? 

 

If there is shortage of workers then those of us still in the job market will be in demand be able to earn more. It all goes horribly wrong if pensions go tits up as they apparently very nearly did after the mini budget. Bit of worry that pensions are that fragile! 

[openspaceman]

42 minutes ago, pleasant said:

I deffered my personal pension when I got to 55, as I was still enjoying work and TBH I simply couldn't afford to retire- particulary now I have to work until 67 to get the state pension. So put it back until I would be 60

 

That was nearly 5 years ago now, and I still can't afford to retire. Just received my pension statement for the last years payments and my pot has gone DOWN by 25k on this time last year.

 

 

Yup my non crystallised part of my SIP fell by 15% over the lat year, factor in 10% inflation and it is even worse. I doubt I will ever need it as I can manage on the state pension plus the part of the private pension I drew but it was something I was leaving for my daughter to distribute among the grandchildren if I die before reaching 75, because it would be unaffected by IHT.

 

I lost my job suddenly so I only reached half my target fund anyway but the bankers and financial bods who run these pension schemes are the only winners. I wonder if a few sovs buried in the garden may not be a better bet when we have financial turmoil like this.

Edited November 18, 2022 by openspaceman

[coppice cutter]

Just turned 62 and will get state pension when I'm 66 and 8mths!

 

I'm looking forward to getting it (if I live that long obviously!) as I'll feel then that I have the right to step back from what I have to do and be able to do what I want to do.

 

But until then I'll keep my shoulder to the wheel.