Changing career can be a big undertaking and it is commonly something that those in their 20s and 30s whose initial career objectives have not been realised might seek to do, imagining that the long time left in their working lives justifies any upheaval involved.

However, it may be that new career training is something over-50s should think about too, for their role in the workforce could be increasingly important. The old days of assuming anyone of that age should be winding down their careers is surely at an end, out of necessity.

On the one hand, despite all the recent gloomy economic news, the latest data on the proportion of working age people in employment, for the last three months of 2022, showed that this was up 0.2 per cent to 75.6 per cent, while unemployment was down 0.1 per cent. The proportion of economically inactive people was down by 0.3 per cent to 21.4 per cent.

This is significant because it is known there are skill shortages in many sectors of the economy, from pharmaceuticals to construction. Brexit and Long Covid are part of that, but there is also the fact that with employment rates high, there is no deep pool of available talent to fill them. 

Investors Chronicle noted that the majority of the economically inactive people coming back into the workforce were in the 16-24 age range. It suggested the issue was that the tax system was a disincentive to early retirees going back to work. 

It quoted head of retirement policy at wealth management firm Quilter Jon Greer as advocating that the money purchase annual allowance be re-set at £10,000, instead of its current £4,000.

However, not every over-50 is voluntarily retired. What skill shortages show is that if people retrain, whatever their age, the jobs will be there for them. What may be needed is less a matter of tax incentives and more an understanding that, far from being in the twilight of their working lives, they can still have many fulfilling years ahead.