In their fifties and deciding there was more to life than work, Liz and Ian Woodbridge quit stressful jobs during the pandemic – part of a cohort of British early retirees now resisting a government call to return, despite rising living costs. | Reuters
“Nothing would ever entice me to go back to any kind of work,” said Liz, who tried a temporary job invigilating exams at a local school but soon resented the intrusion into her time.
Since the final quarter of 2019, Britain has lost 408,000 people aged 16 to 64 from the workforce, according to the Office of National Statistics. Of those, 313,000 were over 50. “It’s quite a hard sell,” said Tony Wilson, director of Britain’s Institute for Employment Studies. “The best part of 90 percent of people who say they are early retired … say that they will probably or definitely never work again.
Britons with private pensions can withdraw assets without tax penalties from the age of 55 – a lower age than elsewhere. Research by the Trades Union Congress suggests that for lower-paid Britons aged 50-64, ill health is a more common reason to leave work than early retirement. “You can’t prove that the difficulty is because of your age, but that’s certainly how it feels,” she said.
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