Cost of living crisis forcing elderly to ‘unretire’ and go back to work
People ‘who thought they could retire comfortably’ looking for work again, figures suggest
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Your support makes all the difference.Older people are being forced to “unretire” and find work due to the cost of living crisis, analysis suggests.
A growing number of older have either returned to work or are looking for employment to top up ther pensions amid rising inflation, according to Rest Less.
Economic activity among over-50s is at its highest since the pandemic began, with men aged over 65 fuelling the rise, analysis of official figures by the digital community for older people found.
Some 116,000 have returned to work or begun looking for a job in the past year, with half of those men of retirement age, according to Office for National Statistics data.
Stuart Lewis, the chief executive of Rest Less, said there was a long-term trend of people working later in life.
But he added: "People who thought they could retire comfortably during the pandemic are having to unretire and find work again to bring in extra income and top up their pensions while they still can.”
Mr Lewis suggested many retirees are feeling poorer than they've felt before, as food and fuel costs rise.
Last week food data company Kantar warned that shoppers can expect to see their grocery bills increase by £454 after food and drink inflation hit its second-highest peak on record.
Butter, milk and dog food were among the items increasing in price the fastest, according to researchers at the firm.
The cost of food is now at its highest rate since 2009, forcing many families and older people to cut back on what they pick up at the shops.
Caroline Abrahams, the charity director at Age UK, said she was not surprised by the figures.
“Judging from what we’re being told at Age UK, many older people are looking ahead to the winter with extreme trepidation,” she told The Guardian.
“With inflation high and rising we can see why [people are going to work]: the prospect of scrambling to afford to keep the heating on is truly frightening.
“Carefully laid retirement plans, which looked economically sustainable a year ago, are now shot to pieces and that’s a huge disappointment if you’ve been looking forward to a rest and the chance to enjoy yourself after many years of working.”
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