“Policies like these would make a big difference to this age group and help our economy too.”Ī survey by Opinium for Age UK in January found that among 60 to 65-year-olds, 9% said they or someone else in their household had recently had to change their work habits. She added: “As the cost-of-living crisis continues to exact a heavy toll, we think the Government needs to provide more generous financial support for people who cannot keep working until they become eligible for their state pension, as well as increasing access to training and flexible working for those who can, thereby reducing the level of economic inactivity, which is one of their big goals. “Others who thought they could leave work for good and did so, partly in reaction to the pandemic, are having second thoughts and returning, but it’s usually too late for them to make up the shortfall in their pension contributions.” “There’s growing evidence that some are having to postpone retirement because they don’t now have enough money coming in to pay the bills. I am due to retire in September 2024 but unless there is a big change, I cannot see this being possible.”Īge UK also pointed to Office for National Statistics (ONS) figures indicating that 1.075 million people under the age of 65 were retired between February and April 2023, down from 1.180 million during the same period a year earlier.Ĭaroline Abrahams, charity director at Age UK, said: “The cost-of-living crisis really is driving a coach and horses through many older people’s retirement plans, especially those without much money behind them. “I am working but my wages would not cover the cost of heating my house and leave enough to buy food and cover the other bills that are also rising. I have had to take a part-time job to make ends meet.”Īge UK also quoted another person who told it: “The only time my family used the heating during last winter was at Christmas.
Due to increases in fuel and all utilities I have been forced to get a part-time job to supplement my work pension.”Īnother said: “I have joint problems and I am a carer for my husband who needs to keep warm in winter. One person told the charity: “Had to take early retirement May 2022 to help care for mother with dementia. The charity said it is continuing to hear from older people whose retirement aspirations “are being ruined by the impact of inflation”. A “great un-retirement” could be getting under way, according to Age UK, as rising living costs force people to change their later life plans.
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