Britain’s older population is losing £2 billion worth of earnings by being forced out of work by the country’s default retirement age, according to a new report.
The figure could inspire a number of people to seek equity release advice to find out how the value of their property assets could boost their retirement finances.
Recently-published research from nationwide charity Age UK has revealed that a £3.5 billion gap in economic output has been created by people being "forced" to retire.
According to the charity, 120,000 people were made to stop working in 2009, which the company insists means million of pounds are "drained out of the economy".
Michelle Mitchell, Age UK charity director, said: "The default retirement age is not only an unfair, outdated piece of legislation, it also causes real harm to our economy and public finances by depriving the labour market of experienced, skilled workers who would otherwise be paying taxes.
"Nine in ten older workers oppose forced retirement. It’s now time for the parties to go beyond warm words and give mature workers a simple, radical pledge to scrap forced retirement."
Homeowners who have been forced to retire could receive a welcome financial boost with cash taken from the value of their property with an equity release plan from Key Retirement Solutions.
Posted by Christian O’Leary
