A couple of in three staff aged 55 or older say current economic climate has derailed their funds and hundreds of thousands are ditching retirement plans
A couple of in three staff aged 55 or older say the present economic climate has derailed their funds and hundreds of thousands are ditching their retirement plans because of this, based on a latest survey.
Double-digit inflation, soaring energy costs and turbulent stock markets hitting the worth of pensions are among the many aspects affecting decisions to defer retirement. Around 1 / 4 of individuals say they are going to still be working of their 70s.
Only a 3rd of the two,000 asked had a financial statement to guide them towards an inexpensive retirement while half had no idea how much they might survive on in old age, the survey by financial adviser My Pension Expert reveals. But just over a 3rd said they were confident they might give you the option to retire once they need to.
Food for thought: Fewer than one in ten people use an independent financial adviser for guidance on retirement planning
Chief executive Andrew Megson says: ‘Sadly, it doesn’t appear a way of duty will keep the over-50s in employment because the Government has been hoping – but that they will probably be figuring out of sheer necessity.
‘Nobody should feel pressured into delaying retirement plans after many years of exertions.’
Last month, the City watchdog the Financial Conduct Authority said it could review the best way that pension advice is provided to everyone.
Fewer than one in ten people use an independent financial adviser for guidance on retirement planning. Many are delay by the fee of help, which may equate to no less than 1 per cent of a pension pot. Throughout-50s are also entitled to a free one-hour appointment with Pension Clever to debate their retirement options.
The Government-backed scheme doesn’t provide full financial advice, but does offer impartial guidance on taking money from pension pots.
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