How to create a personal financial plan in 8 steps
When thinking about your future financial wellbeing, it can be helpful to consider a plan. It is a good idea to have a clear sense of what you want from life and use this as a guide for making important decisions.
What are the 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 show that over-50s had the highest redundancy rate between December 2020 and February 2021[1].
A third of Gen Xers not confident they can fund their retirement
With 57% of Gen Xers wanting to save more for retirement but struggling to do so, a quarter (25%) plan to work part-time past the State Pension Age (SPA) to plug an expected income shortfall in retirement, while 17% plan to work full-time. However, they have serious concerns about whether they will be able to continue working later in life.
Continuing impact on people’s physical health and financial wellbeing
The coronavirus (COVID-19) pandemic has had, and will continue to have, a major impact on our lives. It is not just impacting on people’s physical health but also their financial wellbeing. The economic consequences of the COVID-19 outbreak for some people will make it harder for them to achieve their financial goals.
£5.3 billion lost from over-50s’ retirement pots throughout the course of the pandemic
Over-50s workers in the UK could have a £5.3 billion hole in their collective pension pot due to cutbacks on retirement savings over the course of the pandemic, according to new research[1].
Tax-free cash allowances putting some retirements at risk
A new study has identified that Britain’s future pensioners are putting their retirement future at risk by withdrawing cash from their pension pots while still in the accumulation phase[1]. The findings were that some people are confusing their pension pots for savings accounts, which may have a detrimental impact on their retirement.
Pandemic sparks a surge in over-50s seeking professional financial advice
The coronavirus (COVID-19) pandemic has sparked a surge in people over 50 seeking professional financial advice[1]. For many, a sudden shift in their financial status has been overwhelming.
Gen Z’s caring nature supporting both themselves and loved ones
Younger generations deserve much more credit for planning ahead and beginning to think about retirement when it will still feel so far away for them, according to new research[1].
