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Understanding Your Retirement Options

One thing retirement is not, is an age. Not anymore, anyway. Gone are the days of being told to stop working one day and pick up your State Pension the next. Today you have new pension freedoms to decide when and how you retire.

Pension freedoms in 2015 fundamentally changed the rules for cashing in your pensions. Current rules allow you far more freedom and flexibility over how to take your pension than in previous generations.

If you have saved into a defined contribution pension scheme during your working life, you will eventually need to decide what to do with the money you have saved towards your pension when you retire, or at age 55, whichever is sooner.

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Are the over 50’s becoming a lost generation?

Older workers are one group of people who are at risk of suffering serious and persistent consequences from the economic turmoil arising from the coronavirus (COVID-19) pandemic. In particular, older individuals who lose their jobs are less likely than younger workers to secure re-employment or to find a job on a similar wage to their previous earnings.

The COVID-19 crisis will result in disproportionate under-employment and unemployment for older workers, who represent a greater share of the working population, findings from new research have highlighted. Over-55s represented more than 50% of the employment growth in the decade to 2018.

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