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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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A Guide to Self-Invested Personal Pensions (SIPPs)

What do your retirement plans look like? Saving for your retirement is one of the longest and biggest financial commitments you will make. Imagine you are retiring today. Have you thought about how you are going to financially support yourself (and potentially your family too) with your current pension savings? The new pension freedoms provide an incentive to look again at your retirement savings.

A Self-Invested Personal Pension (SIPP) could be right for you if you are looking for a wider choice of investment options and have sufficient knowledge and experience of investing to make your own investment decisions.

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Generating income from investments throughout your retirement years

The time has finally come, you’re ready to retire. You’ve worked hard all your working life to save and prepare for your retirement, but how should you approach investing now that you’re no longer earning a salary? When it comes to investing in retirement, even during volatile markets, the right strategy can help make sure your retirement savings last.

For many, the idea of retirement means getting away from the stresses of everyday life. But with living costs rising and interest rates low, retirees still need to think about how they can continue to generate income from their investments throughout their retirement years.

It is not unusual for people to live more than 30 years once retired, due to increased incentives to quit work early and rising life expectancy, which in itself can present a major risk that retirees may outlive their savings. The longer the time spent in retirement, the harder it becomes to be certain about the adequacy of your assets.

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Have you got control of your retirement plans?

An increasing number of people in later life are saving little or nothing for their golden years, instead expecting to fall back on the State Pension. Some people are ‘under-estimating their life expectancy’ which means that the money they do save for retirement will have to
stretch further.

As millions of people move within a decade of their State Pension many have still not thought about how long their retirement might last. It’s worrying that so many over-50s are potentially sleepwalking into their old age and are expecting to be better off than they will be.

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