Having a good idea of the lifestyle you want is key
People planning for retirement should think hard about what they want to do when they eventually stop work. It is helpful to have a good idea of the lifestyle you want, how much it will cost and how you are going to pay for it.
State Pension is still the bedrock of many pensioners’ retirement income
The earnings benchmark of the State Pension triple lock has been temporarily set aside for this year. The Department for Work and Pensions (DWP) confirmed on 7 September 2021 that the State Pension triple lock rule has not been applied for the current 2022/23 financial year over concerns of the potential costs involved.
Encouraging individuals to save longer for their retirement
The normal minimum pension age (NMPA), currently 55, is the earliest age that members of a registered pension scheme can draw their benefits without incurring an unauthorised payments tax charge, other than in cases of ill health or where they have a protected pension age.
Are you ‘mid or late career’ or planning to retire within ten years? If the answer’s ‘yes’, then you probably want to know the answers to these questions: Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind of retirement I want?
Financial consequences to stopping work in your 50s
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 showed that over-50s had the highest redundancy rate between December 2020 and February 2021[1].
