Early retirement may be the ultimate dream for some, but the coronavirus (COVID-19) pandemic made it the only option for many. Figures from the Office for National Statistics show that over-50s had the highest redundancy rate between December 2020 and February 2021[1].
With 57% of Gen Xers wanting to save more for retirement but struggling to do so, a quarter (25%) plan to work part-time past the State Pension Age (SPA) to plug an expected income shortfall in retirement, while 17% plan to work full-time. However, they have serious concerns about whether they will be able to continue working later in life.
It’s no secret that the growth of Environmental, Social and Governance (ESG) investments in recent years has been fundamental.
The coronavirus (COVID-19) pandemic has had, and will continue to have, a major impact on our lives. It is not just impacting on people’s physical health but also their financial wellbeing. The economic consequences of the COVID-19 outbreak for some people will make it harder for them to achieve their financial goals.
Over-50s workers in the UK could have a £5.3 billion hole in their collective pension pot due to cutbacks on retirement savings over the course of the pandemic, according to new research[1].
A total of 2.99 million recent job seekers over 50 (52%) believe their age has made employers less likely to hire them, according to a new report[1].
A new study has identified that Britain’s future pensioners are putting their retirement future at risk by withdrawing cash from their pension pots while still in the accumulation phase[1]. The findings were that some people are confusing their pension pots for savings accounts, which may have a detrimental impact on their retirement.
The coronavirus (COVID-19) pandemic has sparked a surge in people over 50 seeking professional financial advice[1]. For many, a sudden shift in their financial status has been overwhelming.
Younger generations deserve much more credit for planning ahead and beginning to think about retirement when it will still feel so far away for them, according to new research[1].
One of the less publicised pension changes being planned is the raising of the Normal Minimum Pension Age (NMPA) from 55 to 57. This is to be effective from 2028 and will be included in next year’s Finance Bill. The NMPA is the age that you can usually first access pension benefits without incurring penal tax charges.