Many now looking to change retiral plans
How would you feel about working for longer than you had planned?
Are you itching to consign your work clothes to the back of the wardrobe for good? Or would you miss your colleagues, the challenge of the job – and a regular wage coming in?
The Brexit vote has prompted many people approaching retirement to look again at their options, it has been suggested.
Research has found nearly one in three people approaching retirement are considering changing their financial plans following the Leave vote.
Around 30% of 55 to 64-yearolds think they will have to make new arrangements – and 37% of these people may delay retirement until the economic picture becomes clearer, Prudential has found.
With around half a million people retiring across the UK each year, this could equate to 150,000 of these people changing their financial plans.
So how can those approaching retirement improve their position in the current economic uncertainty?
Vince Smith-Hughes, Prudential’s saving expert, said many people may well be thinking about their savings and pensions a bit more.
He suggested getting an idea of how much money you have and tracking down any “lost” pensions from previous jobs.
Speaking to the Governmentbacked Pension Wise service could also be a good step.
Mr Smith-Hughes added: “There are a lot of people now considering working past what would have been considered their state pension age.
“That’s due to a combination of things. Some of them are looking at going part-time, perhaps with the same employer, some of them are looking at different employers.
“Some of them are even looking at starting up a business when they get to their state pension age. We talk about retirement and we have this idea that one day people are working five days a week, the next day they’re retired – it doesn’t really happen that way these days.”