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Working on Retirement

Released on 16^th July, the latest UK employment figures reveal that in the quarter ending May 2019 32.75 million people were in employment, 354,000 up on the same quarter in the previous year. Within this overall total the employment rate for women is at its joint highest rate since records began in 1974; a statistic which the ONS has partly put down to the rise in the state retirement age.

Interestingly UK employment figures only look at the 16 to 64 age group and yet, according to another ONS report, the percentage of people working beyond sixty-five has doubled since 1998. This percentage is expected to rise still further thanks to a combination of further increases in the state pension age and people choosing to work longer either on a full-time or part-time basis. As a result by 2029 a third of 65-69 year-olds will still be in employment.

Does that mean that we can leave it longer to sort out our pension provision? Well no, no matter what your current plans, events such as illness or needing to care for a family member can force a rethink. So much so that 60% of early retirements have been identified as being due to events outside the control of the individual. Having a robust pension plan in place could help to mitigate against the impact of such events.

If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.