Pension: Over 50s worse off by £449 per month – but retirement can still be rescued | Personal Finance | Finance
Pension saving will be important for Britons to secure the future they are hoping for, but alongside this, financial security in the present is likely to be a major preoccupation. It is finances, though, which have been hard hit by the pandemic, causing many women, and indeed men, to reevaluate their life plans. Recent research from SunLife has demonstrated the far-reaching impacts of the pandemic visited on Britons as a whole.
With over 50s close to, or entering, retirement, this could prove devastating for later life.
For those who still remain in employment, three quarters of over 50s said their work-life balance has become worse as a result of the pandemic.
Ian Atkinson, marketing director at SunLife, commented to Express.co.uk on the matter.
He said: “Our research shows that the pandemic has taken its toll on older people’s mental health, and women more than men.
For those who are worried about if they have not saved enough for retirement, money expert Jasmine Birtles provided further insight.
Firstly, she suggested checking when people will be able their state pension, and how much they will receive.
On the Government’s website, there is a state pension forecast which provides further information, either via the online tool, by phone, or downloading an application form.
Another tip is to conduct a budget, putting together all income and expenditure, and then eliminating any unnecessary costs.
If there is a shortfall, some of the options available to people are looking at their eligibility for benefits, such as a Council Tax Discount.
But the best way to top up a retirement pot is often considered as bringing in further income.
People may wish to consider a part-time job, or turning a hobby into a way to make money, and some roles can even be conducted from home.
In addition, after a person reaches the state pension age, they will pay less tax and no National Insurance, enabling them to keep more of what they earn.