Millions of over 50s may retire early due to tech advances and AI, research finds

According to an alarming study, more than five million over-50s in the UK may retire early unless they are equipped with new skills to continue.

It was discovered that the rapid advancement of technology and Artificial Intelligence plays a major role in their decision.

Almost two-thirds of workers reaching retirement age (64%) have pondered early retirement, and four in ten (38%) believe they will retire early.

According to Multiverse research, over 5.3 million workers over the age of 50 are now considering retiring early, posing a significant risk to an already stressed workforce.

Official numbers show that 83,000 more over-50s are working than this time last year, but the report warns that more needs to be done to avoid a huge reversal of the figures.

Ministers and businesses have been urged to step up efforts to keep more people over the age of 50 in the labour force.

Earlier this year, Chancellor Jeremy Hunt urged elderly workers who had left the workforce due to the epidemic to return to assist in alleviating chronic labour shortages.

His “Back to Work Budget” from last spring includes Midlife MOTs to enable job seekers over 50 to assess their talents and establish long-term plans for their profession.

Over the last three years, the number of people who are neither working nor seeking for work has increased by more than 500,000 across the working-age population.

As labour supply becomes more limited, a smaller workforce entails reduced growth and higher interest rates.

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