Where you live in your 20s affects when you retire – here’s how
For some, early retirement can be a positive life change which means they can afford to stop working. But for others, early retirement is a result of poor health or unemployment, which can eat into savings and widen inequalities among older people.
Across the globe, people are living longer. Many countries – including the UK – have responded by raising the age of retirement. By 2028, UK citizens will need to be 67 years old to receive their state pension, and further increases have been recommended by both government and independent reviews.
But there’s one major issue with this: most employees in the UK already stop working before the current state pension age of 65. For some, early retirement can be a positive life change which means they can afford to stop working. But for others, early retirement is a result of poor health or unemployment, which can eat into savings and widen inequalities among older people.
Previous studies have shown that in areas where there are more unemployed people, older people are also more likely to leave the workforce. In the past, researchers thought this was because older workers are more likely to be made redundant and have a harder time finding another job when they are unemployed.
But our new research shows that the link between local unemployment and retirement age actually depends on where people live as young adults. Specifically, people in their 20s who live in areas where there are fewer jobs are more likely to be unemployed and in poor health at mid-life – and these are two significant causes of early retirement.
A lifelong study
My colleagues and I at the Research on Extended Working Lives (RenEWL) consortium set out to understand this phenomenon using data from the – a representative sample of all British people born in one week in March 1946 across England, Scotland and Wales.
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Dr Marina Nani
Editor-in-Chief
Editor-in-Chief of Rich Woman Magazine, founder of Sovereign Magazine, author of many books, Dr Marina Nani is a social edification scientist coining a new industry, Social Edification. Passionately advocating to celebrate your human potential, she is well known for her trademark "Be Seen- Be Heard- Be You" running red carpet events and advanced courses like Blog Genius®, Book Genius®, Podcast Genius®, the cornerstones of her teaching. The constant practitioner of good news, she founded MAKE THE NEWS ( MTN) with the aim to diagnose and close the achievement gap globally. Founder of many publications, British Brands with global reach Marina believes that there is a genius ( Stardust) in each individual, regardless of past and present circumstances. "Not recognising your talent leaves society at loss. Sharing the good news makes a significant difference in your perception about yourself, your industry and your community."
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