Pensions - Articles - Little employment growth amongst the sixty five plus range

 “The latest figures show that there has been little employment growth among those aged 65+ for the last three years. The figure has stalled at around 1.2 million after 20 years of steady growth. Similarly the inactivity rate for this age group is 89.6% which hasn’t shifted for four years, again after falling steadily for many years before this.

 “It should raise questions about whether those who want to work longer are able to. Are the jobs available for these older workers or are there other issues such as health problems that are stopping people from carrying on in work?

 “In contrast, the age 50-64 group is seeing continued employment growth which is what you would expect given that State Pension Age for women has been pushed back. Now that men’s State Pension Age is set to change, we should see a pick-up in employment among the older age group too.

 “One possibility, although it’s too early to be sure, is that we may be seeing some of those aged 65+ deciding not to work later because they can access pension money flexibly, taking as much as they need now rather than working for longer.

 “That is no problem so long as the withdrawals are sustainable. The problem is that research, such as the Institute of Fiscal Studies report this week, tells us people around State Pension Age tend to seriously underestimate how long they are likely to live and, because many do not take guidance or advice, could end up making decisions they later live to regret.”
 UK labour market statistics: April 2018 - https://www.ons.gov.uk/releases/uklabourmarketstatisticsapr2018