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Pension: Over 50s worse off by £449 per month - but retirement can still be rescued | Personal Finance | Finance


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.
Pension: Monthly sum needed for a £100k pot (Image: EXPRESS)
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“The disruption to jobs, worsening work/life balance and reduced incomes has almost certainly had an impact. ....

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Pension: Over 50s worse off by £445 a month as job losses hit - but Britons can still act


Research from SunLife has shown that while over half of working people over 50 have a private pension, one in 20 have been forced to stop their contributions or cut the amount they are paying in due to financial strains.
The cost of the pandemic for Britons should not be underestimated, and in fact, a number of people over 50 have recorded a significant drop in their finances over the last 11 months.
Out of those asked, on average, over 50s stated they are worse off by £445 per month - a sum which could make a substantial difference. 
Among working over 50s, almost half of those asked said they have seen their job and income impacted, with 12 percent affected by unemployment. ....

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Pension UK: Britons warned to be aware of costs when saving for their retirement | Personal Finance | Finance


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Pension saving for some will be a challenge, as it involves putting away a sum of money in the present in order to benefit in the future. However, with the full State Pension currently sitting at £175.20, the sum is increasingly viewed as a safety net to the savings a person makes for themselves. In this vein, understanding pension contributions and the arrangements one has in place are likely to be more important than one may perhaps think on a surface level.  ....

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