Grandad’s gone to work
Around eight million workers are likely not to have enough money to retire when they reach state pension age, a report reveals.
Age UK an established charity organisation found that half the current UK workforce aged 40 to 64 expects to have to work into their late-60s and beyond,
The findings highlighted that only 17 per cent of the age group believe they will be financially secure enough to stop work.
Now the charity is calling on the Government to help people plan for later life by offering a financial review at the age of 50 – while there is still time to do something about it.
The careers review would encourage people to make realistic choices about work, health and retirement, and offer sound financial advice.
The YouGov research – published to launch Age UK’s new public policy paper – questioned 2,112 working adults nationwide.
It shows 35 % expect to be working the same hours in their current job in their late 60s.
It seems many feel they would be bored with too much money, and the idea of wealth and dirty money is still ingrained into UK society, and ambition is the staple of the greedy!?
A quarter anticipate working fewer hours in their current job while only 21% believe they will not be working in their job at all by this point.
But of those who expect to stop working or reduce their hours before their late 60s, 23 per cent cited poor health as the likely reason, while 28 per cent felt their job would be too demanding. So you got to be sick to stop making the boss rich??
The state pension age is currently 65 for men and 64 for women.
It will equalise next year to 65 and is set to rise to 67 by 2028 and 68 by 2046.
Age UK says successful government-sponsored pilots of mid-life career reviews took place in 2013-’15 and should now become the norm for everyone.
The horse has bolted! Quick lock the stable!
It seems irrational to start teaching people not far off retirement age how to manage and invest your money and take control yourself life on the basic the Government’s pension is providing less and less as the years grow. A pensioner in the 70’s seems a lot better off than a pensioner in 2010!
Why are we not teaching children how to manage money and the secrets of compound interest and financial acumen when they are at school?
The charity wants the government review to include in-depth career and retirement planning advice and ways people can boost their savings.
It says a workers’ wish-list also included talks about savings, transferable skills, health implications and flexible working.
The advice could be delivered by the National Careers’ Service, current employers or even pension schemes.
Financial experts tell us that there is a lot to be said for taking stock at 50, while there is still time to make changes to the rest of your working life and transition to retirement.
With the state pension age continuing to rise and people inevitably having to work longer, there is a growing need for everyone to make informed choices about training options, pension provision and future career options, to make a successful transition to the retirement to which they aspire.
“A career MOT at age 50 could make a really positive difference.
But then again, a financial education at 16 would be life changing for the vast majority.
“We want the Government to commit to extending its current pilots with a view to creating a career MOT at 50 for all.”
A Department for Work and Pensions spokesman said: “We are already taking action with businesses to make it easier for them to recruit, retain and retrain older workers through our Fuller Working Lives Strategy.
“We are clear people need to plan for their retirement which is why we have support available such as Check Your State Pension and Pension Wise.”
Just when you thought the government was taking care of your hard earned for your retirement it seems now they want you to work longer and longer, perhaps it will be the death of you and save the DWP a small fortune paying you till a decent age. Guess what they haven’t got it anymore!
You must start to learn about finances yourself and get advice from certified experienced money managers who can help you learn how money works for money ardently and how you must find a way to give yourself a better chance to enjoy your senior years.
