Many facing retirement believe their pension won’t be enough to survive on

(2 minutes to read)

Renovo: ‘With no default retirement age and a rising state pension age, we are seeing people increasingly struggle to make firm decisions on when and how to retire’.

Those facing retirement are concerned about their pension and savings, with 43% believing that they will have to work beyond the state pension age.

The Renovo research found that as many as 93% said they are worried about their finances post retirement, with 80% saying the cost of living crisis was a key concern.

Chris Parker, Managing Director of Renovo, commented, “The retirement picture is far more complex and pressured than it has been historically.

“With no default retirement age and a rising state pension age, we are seeing people increasingly struggle to make firm decisions on when and how to retire.”

Considering becoming an employee of Contractor Umbrella?

Give us a call on 01206 591 000 or email jaime.thorpe@contractorumbrella.com.

Email Jaime

Parker added, “People are generally living longer which means more pension savings are needed and those approaching retirement are now more likely to have financially dependent children while at the same time caring for elderly parents.

“These are all financial pressures that significantly impact people’s plans for retirement, which are of course greatly exaggerated by the rising cost of living crisis.

“Unsurprisingly, with finances being squeezed, finding opportunities to work for longer is becoming necessary for many. This impacts employers immeasurably too – not just in terms of rising occupational health risks and costs but also in terms of talent mobility and succession planning.”

To find out more about contracting please contact Jessica on 01206 591 000 or email jessica.attwood@contractorumbrella.com.

You may also like to read

Majority of Brits are stressed about retirement finances

A new survey has revealed that nearly three-quarters of Brits are feeling stressed about not having enough money to enjoy ...

Read More

Nearly half of over 50s regret not saving into their pension sooner

With 49% of those over 50 regretting not saving into their pension sooner, another 64% wish they’d contributed more into ...

Read More

Many Brits considering using their pension to help with cost-of-living crisis

Almost one in four Brits are considering withdrawing their pension savings in order to survive the cost-of-living crisis, finds a ...

Read More

Still thinking about if you should join Dolan Accountancy?

Give us a call on 01206 591 000 or email jessica.attwood@dolanaccountancy.comContractorUpdate

BLACK FRIDAY DEAL

One week margin free when you sign up with Contractor Umbrella today!
Hurry - Deal ends at midnight tonight.
CLAIM NOW
      Terms and Conditions: 
1 week margin free or £25 reduction on monthly margin. Online registration form must be completed by midnight 6th December 2019. Payment must be processed and margin redeemed by 31st December 2019.
      
close-link

dav1