18th April 2017
From 2019, the State Pension age will start to increase for both men and women to reach 66 by 2020. The government is planning further increases, which will raise the State Pension age from 66 to 67 between 2026 and 2028.
Jonathan Watts-Lay, Director, WEALTH at work, a leading provider of financial education, guidance and advice in the workplace, comments; “It’s vital those approaching retirement review how much retirement income they will need, or would like, as early as possible. If there is a shortfall up until the point of receiving the State Pension, saving more now or working longer than planned could make a real difference if either option is possible for them.
The value of well thought out planning from early on should not be underestimated. Financial education delivered in the workplace can help individuals set and achieve their financial goals, giving them more control over their finances, and ultimately their retirement plans in the future.
Once at-retirement, guidance and regulated advice should be made available to employees to support better decision making and protect them from costly mistakes, such as paying unnecessary tax or being scammed. Helping employees make the right choices in order to optimise their retirement income should be a priority.”
For further information, please contact us.
The latest news is brought to you by WEALTH at work, a leading financial wellbeing and retirement specialist. WEALTH at work and my wealth are trading names of Wealth at Work Limited which is a member of the Wealth at Work group of companies.
Links to websites external to those of Wealth at Work Limited (also referred to here as 'we', 'us', 'our' 'ours') will usually contain some content that is not written by us and over which we have no authority and which we do not endorse. Any hyperlinks or references to third party websites are provided for your convenience only. Therefore please be aware that we do not accept responsibility for the content of any third party site(s) except content that is specifically attributed to us or our employees and where we are the authors of such content. Further, we accept no responsibility for any malicious codes (or their consequences) of external sites. Nor do we endorse any organisation or publication to which we link and make no representations about them.