Whether or not you'd classify yourself as 'older' at the age of 55 - a new report from the Centre for Ageing Better points out that there is a sharp decline in economic participation after that age. Where successive governments have worked on employment policies to help 'NEETs' (Not in Education, Employment or Training), older workers who fall out of work, remain so for much longer than people of other ages and are more likely to say that they face age discrimination. Not working obviously has the effect of not building up savings for retirement and the impact is therefore added pressure on that group.
Society is failing to realise the tax-raising potential of this age group, the report argues. Official figures show that halving the employment gap between people aged 50 and State Pension age and those in their 40s could see income tax and National Insurance receipts rise by 1% (just under £3 billion) and GDP up to 1% (£18 billion).
It could also help to reduce the welfare bill, with £7bn a year currently being spent on benefits for people aged 50 to State Pension age who are out of work. (source: http://hrnews.co.uk/older-workers-crucial-to-future-of-uk-economy-new-report-calls-for-greater-equality-and-opportunities-for-over-50s-in-the-workplace/)
Greater equality of opportunities in the workplace. Older workers in the UK experience age discrimination in recruitment and progression. They are less likely to be offered opportunities for development – across the whole of the OECD only Turkey and Slovenia have lower levels of on-the-job training for older workers than the UK. Research shows they are also the most likely to be stuck on low pay and feel most insecure about their jobs.