How many years you need to work to receive Full State Pension in retirement
manchestereveningnews.co.ukAn alarming proportion of young workers in the UK have no plans for their future retirement in place, it has been revealed. It comes after a period of uncertainty stemming from the 18-month lockdown which saw 11.7 million employees out on furlough leave, at a cost of £70 billion.
But, the easing of restrictions has provided the economy and most of the industry to recoup their financial positions. A recent survey of 1,000 people carried out by Opinium on behalf of Hargreaves Lansdown revealed that over one-third (34 per cent) of people aged 45-54 have no plans in place for their remaining working years.
Meanwhile, around a quarter of those aged 25-34 and 35-44 have no plans for working between the age of 50 and reaching retirement, the Daily Record. Read more: Full list of new direct debit and prepayment rates for British Gas, EDF, E.on, Octopus, Ovo, Bulb and more Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown: “These findings point to a worrying lack of planning among those closest to retirement on how they plan to spend their remaining working years.
The pandemic may well have played a part in this with the economic upheaval potentially causing chaos for people’s retirement planning with many older workers retiring early after being made redundant." Roughly 42 per cent of those in the 45-54 age group said they planned to continue in their current job and work-full time while 10 per cent said they would stay in their current role but move to part-time hours.
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