Connect with us

News

Britain’s ‘great unretirement’: cost of living drives older people back to work

Published

on

Spiralling inflation, volatile financial markets and the soaring cost of living are leading to the “great unretirement”, with research suggesting retired people are returning to the workplace.

There are now more people aged 50 and older in work or looking for work than since just before the pandemic, according to data from the Office for National Statistics (ONS).

Its analysis shows there was an increase in economic activity (people working or looking for work) of 116,000 among the over-50s in the past year.

More than half the total increase is among men aged over 65 – whose economic activity levels increased by 66,000, or 8.5%, in a year – with 37,000, or 6.8%, more women over 65 in or looking for work.

Experts say in-depth research indicates the increase is driven by former people in retirement returning to work, rather than people working longer. “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,” said Stuart Lewis, the chief executive of Rest Less, a digital community for the over-50s.

“Increasing numbers of retirees are feeling poorer than they’ve felt before, with consumer confidence at a record low and purchasing power eroded on a monthly basis,” he added. “All this is driving the trend of unretirement.”

Volatile financial markets were creating significant fear and uncertainty in people’s perceptions of their future retirement income, said Lewis. The one-off suspension of the state pension triple lock last April means that the state pension only increased by 3.1%, while inflation increased at 9.4% in June. “It’s no surprise that people are looking at ways to make additional earnings,” he added.

Caroline Abrahams, the charity director at Age UK, said it was no wonder that significant numbers of retired people were “scrambling to return to work in an effort to shore up their finances against the storm”.

“Judging from what we’re being told at Age UK, many older people are looking ahead to the winter with extreme trepidation,” she said. “With inflation high and rising we can see why: 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.”

Ros Altmann, the former pensions minister and Conservative peer, said the government was wrong to remove the promised protections from pensions. “The fear of inflation has caused huge anxiety and driven some to return to work even if their health may not be up to it,” she said.

Cora Adcock, a part-time music teacher who retired at 64, had to return to work aged 69 because her pension did not cover her increased living expenses.

“I just couldn’t manage financially on my state and teacher’s pensions, especially as I missed a few years of contributions because I took time off to care for my children when I was younger,” she said.

Adcock found work playing the organ for up to 13 funerals a day at a local crematorium but lost her job aged 71. Partially sighted, Adcock is still trying to find work. “I’m looking for work that I can’t really physically do because the bills are such a worry,” she said. “I’ve already cut everything I can. I don’t even use the oven.”

Dr James Derounian, from Gloucestershire, recently returned to his work as a lecturer two years after retiring aged 62. “I had planned to retire but life had other ideas,” he said. “The cost of living curtailed all my plans.”

Qualitative data from the ONS supports the notion that the figures reflects those coming out of retirement, rather than simply continuing to look for work after the age of 65: it asked 12,000 people aged 50 to 70 years old who were not currently looking for work, if they would consider going back to work in the future. One in three of those aged 50-64, and one in 10 of those aged 65 and older, said they would.

The trend is also supported by a recent poll of Rest Less’s retired members, 32% of whom said they would consider returning to work or that they were already working again. Almost 70% of those said they were “unretiring” purely or partly for financial reasons.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

The Best Recommended Resorts in Nusa Dua Bali

Published

on

The Best Recommended Resorts in Nusa Dua Bali

Nusa Dua is one of Bali’s areas built specifically for tourism in the 1970s. Since then, many luxury hotels and resorts were built everywhere in the Nusa Dua area. For those who want an exciting vacation with family or friends, there are many choices for the bali resort nusa dua .

These accommodations have luxurious facilities ranging from spas, private swimming pools, restaurants, and many more. All resorts in Nusa Dua also have sparkling white sand and calm waves as their view. What are the recommendations for the best resorts in Nusa Dua?

Best Resort Recommendations in Nusa Dua Bali

1. Laguna Resort & Spa

Staying at Laguna Resort & Spa will make you feel very comfortable. When entering the resort, you will be greeted with the sound of a gong and dancers in traditional costumes showing off their artistic talents. Laguna Resort & Spa also provides spacious rooms with large beds and luxurious bathrooms. 

Each room has a tropical garden interspersed with a lagoon pool. This resort also has gym facilities, a spa, and a sumptuous breakfast. There is also a beach bar if you want a cocktail. If you want to stay in a place that offers luxurious facilities and emphasizes local culture, pay a visit to Laguna Resort & Spa. The lodging at this resort is also not so expensive compared to other luxury hotels in Nusa Dua.

2. Resort St. Regis Bali

Located on the sand of Nusa Dua beach, St Regis is the next choice of resort for accommodation options. This resort has a traditional Balinese concept with olive green furnishings. Interestingly, you can swim in a vast lagoon from Resort St. Regis Bali, the size is three times the size of the Olympic swimming pool. 

Furthermore, this resort is also equipped with a thalassotherapy spa. Resort St. Regis Bali also provides a ‘Children’s Learning Center’ facility so parents who bring their children can leave them there. The Children’s Learning Center offers a curriculum to stimulate and entertain children while their parents enjoy the holidays.

3. Hilton Bali Resort

Hilton Bali Resort is perched on a cliff overlooking the beautiful Indian Ocean. You can see Nusa Lembongan clearly from this resort because of its location on a cliff. Hilton Bali Resort is facilitated with a family swimming pool with water slides, an outdoor playground that will make the kids happy, a spa, and a kids club. There are also gazebos and loungers on the private beach. At sunset, there is an observation tower that you and your family can visit to see the fantastic sunset views.

You can visit the lodging recommendations above for those traveling with their family and looking for the best resorts in Nusa Dua, Bali. All of them have extraordinary views with complete and luxurious facilities!

Continue Reading

News

4 Important Tips for Having a Vacation Abroad

Published

on

4 Important Tips for Having a Vacation Abroad

Are you planning to go abroad but still don’t know what to prepare? People dream of going abroad, especially to countries like America and Europe. If this is your first time going abroad, you should check the following tips!

Prepare All Important Documents

The first thing you need to do is prepare important documents. For example, passports, ID cards, visas, and international driving licenses if you are going to drive abroad. Make sure you know whether the country you are going to visit is visa-free or not. For Southeast Asian countries, the Maldives and Turkey are visa-free, so you only have to have a passport. But a visa is still needed if you want to go to South Korea, Europe, or America. Make sure to scan your document and save it in the cloud like Google Drive or iCloud. Oh, yes, remember to check your vaccination status. Because every country needs your health information.

Make Itineraries

Itinerary is important for those who want to travel abroad. The reason is holidays abroad cost a lot of money, so when you can, take advantage of it with a well-planned schedule. Research in detail the tourist destinations you want to visit. For example, what is unique in it, ticket prices, transportation to get there, to the distance from the inn you’re staying. Remember to include places to eat that you want to try. Make sure the place to eat is according to your preferences, such as halal or free of certain food allergies.

Book Tickets in Advance

When you know how long you will be on vacation with the itinerary that has been prepared, it’s time to book plane tickets and lodging. Find cheap tickets by:

  1. Using promos and discounts on travel agent applications.
  2. Comparing which price is lower and what kind of facilities you will get.
  3. Choosing accommodation that fits your budget but is still comfortable.

Oh yes, also remember to check how the pandemic situation is in the country you are going to visit. Do you have to quarantine or not? Because it will affect your itinerary and accommodation. Due to the pandemic conditions that have not fully recovered, check whether there is still Indonesia quarantine after returning from vacation.

Exchange Money and Check Your ATM Cards

Exchange your currency into the destination country’s currency, for example, yen, euros, dollars, won, and others. But remember, don’t carry too much cash because it’s also prone to theft, besides being wasteful. For the rest, you can do cashless transactions. Check your bank’s ATM card to see if it has Visa, MasterCard, or Cirrus logos. This row of stamps indicates that your bank is working with banks abroad. Or you can also use a credit card to make your transaction easier.

Continue Reading

News

Down 43%, Is This Tech Stock Worth Buying Right Now?

Published

on

Down 43%, Is This Tech Stock Worth Buying Right Now?

Skyworks Solutions (NASDAQ: SWKS) announced its fiscal 2022 fourth-quarter results (for the three months ended September 30) on November 3, and the supplier Apple’s stock price has risen 11% since then.

Skyworks beat expectations and showed solid growth at a time when smartphone sales were declining, but forecasts show the chipmaker is about to hit a bump. With that said, let’s take a closer look at the latest results from the chipmaker. Let’s take a closer look at whether the stock can sustain new momentum after losing 43% of its value in 2022.

Skyworks solutions deliver reliable results for non-mobile businesses
Skyworks’ fourth-quarter revenue increased 7% year-over-year to a record $1.4 billion. The company also reported non-GAAP (adjusted) earnings of $3.02 per share, up 15% year-over-year. Skyworks easily justified analyst estimates of $2.91 per share. For the year, the company’s revenue increased 7% to $5.5 billion and earnings rose similarly to $11.24 per share.

The strong growth of chipmakers in the fourth quarter was the result of successful diversification into new markets such as Internet of Things (IoT) and automotive, as well as relationships with major smartphone original equipment manufacturers (OEMs). Yes, it helped make up for it. Weakness in the smartphone market. space. However, it was the non-mobile business that put a lot of effort into Skyworks last quarter.
As CFO Chris Sennesael noted in the report, the company generated $500 million in revenue from broad market segments (counting chip sales for non-mobile applications like IoT), up 30% from the previous year. Last earnings conference call. Broad market companies contributed 36% of Skyworks’ revenue last quarter, up from 29% in the same period last year.

It’s also worth noting that Skyworks earned $2 billion in revenue from this segment for the entire fiscal year. That’s almost 43% more than the $1.4 billion in revenue last fiscal year. The good news is that the company’s business in a wide range of markets can maintain its momentum. This is because, as Skyworks showed in its earnings report, it is attracting new customers in high-growth niches like IoT.

“In IoT, we continue to win new customers and expand our content. We have partnered with Vodafone to launch the UK’s first WiFi 6E platform. We have launched a solution for Fi 6 hotspots.”

Skyworks also enables the deployment of O-RAN (Open Radio Access Network) and delivers record quarterly results in the high-growth automotive business niche. For example, the O-RAN market is expected to grow at an annual rate of 42% until 2030. Meanwhile, according to Mordor Intelligence, the demand for connected cars will grow by 19% per year until 2027.

These catalysts explain why Skyworks expects its broad commercial segment of the market “to be a major driver in FY23 and beyond.”

The mobile business was not in its best last quarter
Skyworks’ mobile business generated approximately $907 million in revenue last quarter (this is total revenue minus $500 million from the broader market business). By comparison, 71% of Skyworks’ $1.31 billion in revenue last year came from its mobile business, worth nearly $931 million.

Thus, the company’s mobile business, which generates most of its revenue, declined year-over-year in the most recent quarter. This is not surprising given that smartphone sales have been declining for the past five quarters. Skyworks considers Apple its biggest client, with the smartphone giant generating 58% of its revenue last year.

Last quarter, Apple shipped 48.5 million smartphones, 6.4% more than last year. However, the overall smartphone market was down 9% year-over-year. And now things could get even worse for Skyworks.

All of this explains why Skyworks management is targeting a sharp drop in sales and profits. The chipmaker expects revenue of $1.3 billion to $1.35 billion and adjusted earnings of $2.59 per share in the first quarter of fiscal 2023. These numbers show double-digit declines in both revenue and earnings compared to the last year.

Continue Reading

Trending