State Pension currently provides essential financial support for over 12.4 million older people across the UK, including some 981,399 retirees living in Scotland.
22.04.2022 - 06:43 / dailyrecord.co.uk
Planning for your retirement can never start too early, especially after the UK workforce experienced an unprecedented period of uncertainty during 18-months of lockdown which resulted in a staggering 11.7 million employees put on furlough.
Now that the economy and industry sectors are bouncing back, a recent survey of 1,000 people carried out by Opinium on behalf of Hargreaves Lansdown found that over one-third (34%) of workers aged between 45-54 have no plan in place for their remaining working years.
This compares to roughly a quarter of 35-to-44-year-olds and 25-34-year-olds who had no plan for the time between age 50 and retirement.
Some 42 per cent of those in the 45-54 age group said they planned to continue in their current job and work full-time.
A further 10 per cent said they would stay in the same role but move to part-time hours - only five per cent said they planned to stop work completely.
Commenting on the research, Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “These findings point to a worrying lack of planning among those closest to retirement on how they plan to spend their remaining working years.
"The pandemic may well have played a part in this with the economic upheaval potentially causing chaos for people’s retirement planning with many older workers retiring early after being made redundant."
She continued: "There’s also the chance that the investment market volatility we saw earlier in the pandemic has had an impact on people’s pensions causing them to put off their plans for retirement a while longer.
“Easing into retirement by working part time is often a better way of managing such a huge change from a financial and emotional wellbeing perspective.”
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State Pension currently provides essential financial support for over 12.4 million older people across the UK, including some 981,399 retirees living in Scotland.
State Pension currently provides essential financial support for over 12.4 million older people across the UK, including 981,399 retirees living in Scotland.
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State Pension provides essential financial support for over 12.4 million older people across the UK, including some 981,399 individuals living in Scotland.
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