Nearly half of early retirees forced out of work by poor health or redundancy

Nearly half of early retirees forced out of work by poor health or redundancy, Just Group research reveals with 33% who stopped work due to ill health and a further 15% after losing their job. Only one in four who retired early said they had enough in savings and pensions

Retiring early may be the dream of many but nearly half (48%) of people who stopped working earlier than they had planned it was more unwelcome.

Stephen Lowe, group communications director at Just Group, said:

“Nearly half (47%) of retired over-55s said they had stopped working earlier than they had expected compared to 43% who said they retired when they expected and 9% who retired later.

“Going forward it will be interesting to track whether Covid-19 has forced more people out of the workforce prematurely or whether the economic insecurity has led to people putting off their retirements for longer.” He said that the research has important implications for later life planning and for policymakers considering future rises in the State Pension Age.

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