Almost 390,000 people who took early retirement during the onset of the pandemic have fallen into poverty, according to a leading think-tank.

The Institute for Fiscal Studies (IFS) said around half of those <a href="https://www.telegraph.co.uk/business/2023/04/21/agesist-companies-to-blame-for-over-50s-leaving-workforce/">aged 50 to 70 who left the workforce</a> in 2020-21 ended up living in “relative poverty” because of “labour market disruptions or health concerns”.

This means their annual income is less than 60pc of the average household – or around £15,400 for a childless couple.

Group’s annual incomes are less than 60pc of the average household{ai:summary}<p>Around 390,000 individuals who retired early due to the pandemic are now living in poverty, as stated by the Institute for Fiscal Studies. The majority of these individuals, aged 50 to 70, faced financial hardship due to job market disruptions or health issues. Their income falls below 60% of the average household, leaving them in a state of relative poverty. #economy</p>

Half of older Covid quitters in poverty after wave of early retirement

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