A new survey published this month has suggested that a quarter of those who are planning to retire over the next twelve months are not ready to give up work.
Last October, employment laws changed meaning that employers are no longer able to force those aged sixty to retire, and according to the results of the survey, which questioned 1,000 people due to retire, found that fifty-seven percent of respondents would consider working past the state pension age.
Although over half said that they would consider working over the state pension age, many of the respondents highlighted that they would do so by working part-time, rather than full time.
When questioned as to why the would consider working past the retirement age, four in ten said that they need to boost their retirement incomes; which is not surprising considering that annuity rates, which set the size of someone’s retirement income for life, have plunged over recent years.
For both those nearing retirement age who are concerned about their finances once they have given up work; and those who are looking to plan ahead for retirement, our team at Milsted Langdon are on hand to offer tailored, impartial and practical advice.
Our pension services are designed to help you get the most out of your finances both now and in the future; so if you’re confused about pensions or worried about your finances come retirement, come and speak to us.
Milsted Langdon Director, Peter Groves, specialises in strategic business and tax planning, services for high net worth individuals and professionals.