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2million 50 to 70 year olds looking for work


Despite the Government’s ambition to support over-50s in the UK labour market, more than two million 50-70 year old retirees are looking for suitable work but cannot find it.



The findings come from the release of the first results of NAPF's new research series ‘Understanding Retirement’. 



The research focused on people aged 50-70 and within this age range two distinct groups emerged: those who identified themselves as ‘retired’ (44%) and those who considered themselves ‘non-retired’ (56%).



In the ‘retired’ group, 35% were below the state pension age (65 for men and 62 for women) illustrating that for some people retirement starts before the state pension age.



Conversely, of everyone at state pension age or above, almost one in five (19%) were still doing some paid work - indicating that for many people who are at or older than the state pension age today, retirement no longer means not working.



Among those in the 'retired' group who were not working, one third (2.1m people) would like a job that offers some flexibility and is not too physically demanding, but had not been able to find one. Of the ‘non-retired’ group, more than 30%, or 3.2 million people, are not working, suggesting that many more 50-70 year olds in this group may also be looking for suitable employment.



Of the group that identified themselves as ‘retired’ but are still working, almost one third (31%) said they work to make ends meet. The remaining 69% work for a combination of extra money and because they enjoy it.



A lost pension generation



58% of the ‘retired’ group had retired before the state pension age. In stark contrast, only 23% of those 50-70 year olds who are ‘non-retired’ expect to do the same. Pension provision is noticeably lower among the ‘non-retired’ group with more than one in four (24%) having no private pension and no other savings (nearly twice the proportion of the ‘retired’, 14%).



Members of the ‘non-retired’ group are also half as likely to have a defined benefit pension (19%) and are no more likely to have a defined contribution pension (13%).



http://www.actuarialpost.co.uk/article/2-million-retirees-unable-to-find-suitable-work-6798.htm


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