Full State Pension payments during retirement means you need to work this number of years
15.09.2022 - 07:21
/ dailyrecord.co.uk
People aged over-50 are facing a lifetime of financial insecurity as a report reveals which age group is being hit the hardest by the cost of living crisis. Research from Edinburgh University’s Smart Data Foundry found economic inactivity rates have risen by a third for the over-50s age group since 2019.
The research also suggests that people aged 50 to 54 could experience double the financial vulnerability risk than those aged 70 to 74. Record-breaking rises in inflation and soaring energy bills are leaving those in their 50s and 60s facing the “perfect storm” of redundancy and ill-health, combined with a lack of savings on pension provisions, according to the leading UK data scientists.
A recent survey of 1,000 people carried out by Opinium on behalf of Hargreaves Lansdown suggests 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 at the time, 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
The website celebfans.org is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can
send a complaint on the news if you find it unreliable.