In February of this year, Neil passed away. Two months later, Brown got a part-time job in a kitchen canteen in Dorking, Surrey, where she lives. At first she was looking for a distraction from her grief and a way to stay active, but as the cost of living rises, work has become a necessity. “I wasn’t entitled to any allowance after I lost Neil. I live in the caravan he left me but my pension only gives me £720 a month.’ After accounting for food, bills and council tax, there is no money left. Brown has to pay for a car because local bus service is limited. “I’m pretty lucky because I’m fit, apart from a bit of arthritis, but I don’t know how long that will last,” she says. She worries that rising fuel bills will leave her unable to afford them. Although she would like to be more financially secure and believes the government should do more to support people, she enjoys her job. “I mainly clean the tables and do the washing up, among other duties. It’s a nice place to work and I enjoy being around people.” He also receives a hot meal each shift, which helps reduce food and energy bills for cooking. “I’ve always thrown myself into work, but now it keeps me alive, too.” Stories like Brown’s are so common that they have inspired the phrase “the great departure.” New data from the Center for the Advancement of Aging shows that the number of people aged 65 and older entering the workforce rose by 173,000 in the first quarter of 2022. in the number of people working in their 50s, 60s and beyond,” says Kim Chaplain, the agency’s chief labor adviser. “While we don’t know the full reasons behind everyone’s decision, we suspect that the rising cost of living plays a role.” You no longer stop at 65 and put your feet up… People work as long as their health allows According to research by the Center-funded Institute for Fiscal Studies, raising the retirement age from 65 to 66 led to a large increase in the number of people working at 65 and an even larger increase in the number of 65-year-olds. -years living in absolute poverty. “People who are already in a decent job can carry on for another year – but for many who can’t access work, another year without the state pension just means another year of trying to get by with insufficient benefits at working age”. says the Chaplain. Ian Dempsey, independent financial adviser and pensions expert, says the coming financial crisis will have a significant impact on his clients. “Many people fear when they will be able to retire. Instead of increasing pension contributions, they have to reduce them, which will have a negative effect.” Data from financial services company Canada Life backs up his observations, suggesting that one in five people are cutting back on their pension contributions, with a one-year break costing savers up to 4% of their total capital. “Retirement is a very different concept now. You no longer stop at 65 and put your feet up. It’s getting to the point where people work as long as their health allows and only retire if they physically can’t work,” Dempsey adds. Final salary pensions, which provided guaranteed income for life based on your final salary, are largely a thing of the past in the private sector. Instead, individuals have become responsible for managing their retirement savings. “Money is still a huge taboo in this country and people are not getting the right financial advice and education on how to make the most of our savings,” says Dempsey. “People are also often ashamed of their financial situation, especially if they are in debt or have experienced financial problems for whatever reason. We need to normalize these situations and talk about them openly.” “It’s hard to get knockback after knockback” … age in the labor market can start as early as 55. Photo: Johner Images/Getty Images/Johner RF Bernadette Hempstead, who is in her early 70s, from Bury St Edmunds in Suffolk, felt embarrassed about her low income before she recently started a part-time job as a fairground assistant. In addition to helping with bills, the extra money builds her confidence and financial security after a period of homelessness. “When the owner of the property I was renting died, I was served an eviction notice by her son,” he says. “I spent nine months living between the homes of various family members, as well as hostels, before I was finally able to move into a one-bedroom flat with the help in June.” After retiring at 64 from clerical jobs in human resources, she began receiving a small private pension in addition to her state pension. These two pensions are now not enough to cover her expenses. “Even before the crisis, I was just existing, not living,” he says. “As things become more expensive, it became impossible. I had also wiped out a lot of my savings during the time I was homeless.” The job has given Hempstead a new lease of life and she is grateful to be able to work. “Living in hostels showed me how many people are not well enough to work. It allowed me to start buying small luxuries again. I bought some shoes on sale this week. I can’t remember the last time I bought something new.” Before securing the job, she had difficulty being honest with others about her financial situation. “You can’t even begin to imagine what it’s like. I always said I didn’t like things when I was out shopping with friends, or that I wasn’t hungry when we went out for lunch,” she says. “Actually, I couldn’t afford to do those things. Now, I can enjoy a meal or a coffee and put gas in the car without worrying.” As soon as you mention you’re 78, the job market suddenly cools. I find it disappointing While some seniors benefited from lower home prices and higher savings rates before the 2008 recession, Hempstead’s story shows that’s not the case for everyone. The Center for Aging Better believes the crisis will be particularly difficult for those who have been allocated fragmented pension contributions in the past, due to disability, illness or parental leave. “There are a lot of people who stay and go back to work because they want to stay active. We are concerned about people with disabilities and health conditions who may push themselves into unsuitable work rather than try to survive on benefits,” says Chaplain. It can be difficult to access support to get back into work if you’re not claiming universal credit, she says: “Our research shows there’s a big stigma around this and accessing government services in general in this age group. Some find the system complex and difficult to navigate – and so avoid these routes in favor of them altogether.” Returning to paid work after a long break is also difficult for other reasons, including age discrimination. Tony, 78, from Southampton, believes he has defied age in his job search. “I was a delivery driver with Royal Mail until I was 65. I didn’t want to leave, but they forced me to retire,” he says. Since then he has occupied himself with voluntary roles, most recently as a fellow for Age UK, where he mainly supports veterans. He is looking for a job to pay for gas, to continue doing the volunteer work he loves. “I want to be part-time because I have grandparent duties so our kids can go to work,” she says. “But as soon as you mention you’re 78, the job market suddenly cools. I joined an agency, but now I’m inundated with 100 emails a day for jobs unrelated to what I need. I find it disappointing.” Although Tony has worked all his life, his pension is not huge. “I was going to join the army when I was young, but I got tuberculosis,” he says. He made a full recovery and joined the Territorial Army six years later, but this did not entitle him to a military pension. “I was only at Royal Mail for 10 years, so I didn’t have time to build a big pot, but I always landed on my feet.” Tony is currently extremely fit and healthy for his age and is looking to find driving or warehouse work. “I have dyspraxia and dyslexia, so an office job is not for me. I really want something where I can stay active.” Stuart Lewis, founder and CEO of Rest Less, a digital community supporting over 50s, says workplace ageism starts at age 55 and steadily worsens as people get older. “We often talk about it as the last acceptable form of prejudice,” he says. Although demand for some areas of work, including care, HGV driving and professional services, remains quite high, those without specialist skills face barriers. “It’s hard to have hit after hit, so we always recommend taking time for self-care so you can approach interviews in a positive way. We also suggest removing your age from your resume, as well as dates of education and early work experience. It’s not relevant and it means people can age you instantly.” While Moore, Hempstead and Brown have relied on traditional routes to find paid work, others are looking for creative ways to make extra money and bypass ageism. Dorothy (not her real name), 67, rents out rooms in her home in Twickenham to people working in the film industry. “I’m basically a maid for the people staying,” she says. “I’m lucky to have my own house and have two rooms that I can rent. We are close to several…
